An insurance intermediary acts as a bridge between insurers and their clients. Some intermediaries work with insurers, whereas others work with their clients. In most cases, though, they work to match the right insurer with the right consumer. They ensure that consumers get all the cover they need at a price they can afford, and…
An insurance broker acts as an intermediary between a client and either a single insurer, or a selection of insurance companies. First, they’ll work to ensure you get cover that meets your exact needs. Then, in the event of a claim, they can manage the process on your behalf to ensure you get a fair…
This blog gives you the basics on minimum pay and parental leave changes with links to where you can find more from HMRC. Don’t get caught out with changes to National Living and Minimum Wage rates! National Living and Minimum Wage rates are increasing on 1 April 2024. The National Living Wage is extended to…
As regulated businesses, insurers and insurance brokers must meet certain anti-money laundering (AML) commitments. In this post we’ll take a look at the sort of AML trends that might impact regulated businesses like yours. Artificial Intelligence in Anti-Money Laundering Processes – New Opportunities and Threats Artificial intelligence (AI) is quickly transforming the way we live…
The Financial Conduct Authority (FCA) is one of the major bodies responsible for regulating insurers and other financial agencies and has published rules on Consumer Duty. They set regulations that anyone who wants to sell, arrange, or advise on certain financial products must meet. What is the FCA Consumer Duty? The FCA’s Consumer Duty is…
The Financial Conduct Authority (FCA) is one of several organisations that regulate the insurance industry. You need to apply for FCA approval if you want to offer any kind of regulated insurance services in the UK. As part of their supervision, the FCA imposes a Code of Conduct on all the financial firms it regulates….
The Financial Conduct Authority (FCA) is one of a few bodies that regulates financial service firms and financial markets in the UK. If you want to provide any sort of regulated financial services in the UK, then you need to get approval from the FCA. But FCA authorisation does not last indefinitely. So in this…
In recent years, the Financial Conduct Authority (FCA) has been working towards an agenda they refer to as “conduct risk”. Customers trust insurers to provide a service that offers maximum value at the best possible price. Conduct risk is a measure of how effectively insurers meet this brief. In short, conduct risk is a question…
The Financial Conduct Authority (FCA) regulates financial service firms and financial markets in the UK, including insurers and insurance brokers. What Does the FCA Do? The FCA sets stringent regulations concerning how financial service firms operate. Firms and individuals must demonstrate how they meet these regulations before the FCA will authorise them. And after the…
If you currently work in insurance and you want to start your own insurance company, in this post we’ll list the various things you’ll need in place before you can start legally trading. What Sort of Insurance Company Do You Want to Start? As we’ll see below, the UK insurance industry is highly competitive, and…