Tag: uk insurance companies

Lloyds insurance communication failures lead to $125 million

Marc
Insurance communication - GBP and Gavel

The unit was fined £90.7 million for failing to ensure its policy language for home coverage was clear. Lloyds Banking Group Plc. (LON stock symbol LLOY) has been fined £90 million ($125 million) for insurance communication failures. The fine was issued by the UK Financial Conduct Authority for the insurer’s unclear policy language. The UK Financial Conduct Authority (FCA) fined Lloyds for its insurance communication failures in the language it used in millions of homeowners’ policies. According to the FCA, the Lloyds insurance division issued almost nine million communications between…

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Will the UK Financial Services Industry be Affected by Brexit?

Guest Author
UK Financial Services

The UK has for many decades been a financial services hub within Europe and the World, with large financial services companies being head quartered in the UK or operating their EMEA or European operations in the City of London.  With the potential exit from the European Union (EU), many customers of these large financial institutions will be concerned whether their products and services will still be valid following Brexit. At the present time any financial services organization authorized to operate in any European Economic Area (EEA) country can conduct business…

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General insurance companies receive warning from UK financial watchdog

G. Turner
General insurance companies receive warning - red light

The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…

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Chubb insurance strategy braces for Brexit through corporate structure conversion

Logan B.
Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

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UK insurance industry unprepared for Brexit, less than a year away

G. Turner
Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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