Tag: uk insurance industry

Wholesale insurance brokers face investigation conducted by UK FCA

Logan B.
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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UK insurance market could lose Lloyd’s staff following Brexit

H. Cutner
Lloyd’s insurance claims - Home office building

Top boss at the massive marketplace has revealed that operations may leave the country. The UK insurance market may not remain the most important one in the world due to the Brexit vote. Chairman of Lloyd’s of London, John Nelson, cautioned that the marketplace may be required to move some of its business over to continental Europe. That could mean a loss of a large chunk of the staff currently located in the United Kingdom. In fact, Lloyd’s insurance operations may be on their way out of the country even…

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British insurers are tackling insurance fraud more effectively

Logan B.
insurance fraud

Insurance fraud continues to be a problem for the industry, but insurers are fighting back Insurance fraud has been a problem that insurers have been dealing with for nearly as long as the industry has existed. Over the past few years, fraud has become a much more significant problem, however, as fraud methods are becoming more sophisticated and insurers are becoming more exposed to extreme financial losses. Insurers are doing what they can to combat fraud, however, and are becoming more adept at weeding it out and identifying those responsible.…

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Life insurance controversy sparked in the United Kingdom

S.Vagus
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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Trust in the insurance industry is falling in the UK

S.Vagus
UK cyber Insurance industry News united kingdom

Survey shows that UK consumers have little trust in their insurance providers Ernst & Young, a leading professional services firm, has released the results of its latest EY Global survey. The survey is focused on gauging the trust that consumers have in their insurance providers. According to the survey, which is comprised of information from 30 countries, the vast majority of insurance customers have below average trust in insurers. Trust has been an ongoing issue for the insurance industry, which has not been easily to overcome. Approximately only 7% of…

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Insurance news shows the mis-selling complaints in the U.K. continue

G. Turner
UK cyber Insurance industry News united kingdom

A recent report issued by the watchdog organization has revealed that banks will need to provide more in payouts. The Financial Ombudsman Service in the United Kingdom has now stated that the number of complaints that it has received with regards to the insurance news of the mis-selling scandal in the country have skyrocketed within the six months that ended in September. This has increased the odds that banks will be required to pay a higher amount for compensations. The Financial Ombudsman Service is the official watchdog that steps in…

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Insurance news from UK reveals investigation plans from regulator

H. Cutner
UK cyber Insurance industry News united kingdom

The FCA is now looking into the selling strategies many insurers are using with add ons. The Financial Conduct Authority (FCA) in the United Kingdom has made an insurance news announcement that it is investigating techniques being used by insurers for the sale of their products in order to increase their competitive powers. The study is being conducted specifically into the practices surrounding the add ons in the industry. The Chief Executive of the FCA, Martin Wheatley, first announced the insurance news at an industry conference that was held on…

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