Wholesale insurance brokers face investigation conducted by UK FCA

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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Loan insurance compensation deadline on the way in the UK

home house mortgage loan insurance

British regulators are currently working on setting the date by which consumers must be paid. At the end of last week, British regulators announced that they would likely be starting to work on setting a deadline by which insurers would be required to compensate consumers who were improperly sold loan insurance products. It is expected that the refunds from this process will be costing the banking industry billions of dollars. The Financial Conduct Authority, which is the agency responsible for the oversight of the financial industry in Great Britain, has…

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Lloyds Bank insurance news sees $180 million in fines

Lloyds insurance news scandal

U.K. regulators have imposed the penalty on the massive banking group for mishandling of customer complaints. Lloyds Banking Group recently found itself on the losing end of some insurance news as regulators in the U.K. stated that they had imposed a fine against them, which will come to about $180 million. The fine is meant to be a penalty against the banking group for mishandling customer complaints. The insurance news was focused on the way that Lloyds Bank managed the customer complaints that were being filed about a type of…

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Life insurance controversy sparked in the United Kingdom

Life Insurance medical exam

Financial Conduct Authority criticized for breaking its own rules The Financial Conduct Authority, a financial regulatory body in the United Kingdom, may have mishandled its review of the life insurance industry last year, according to a report from a committee of members of the British Parliament. The report is the latest development in ongoing controversy regarding the Financial Conduct Authority’s plans to review the life insurance sector. This review has had a significant impact on the sector, with the regulatory body wiping some $4 billion off the value of insurance…

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