The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
The administrator will now allow the provider to process mid-term adjustments.
Regulator warns that there are "real risks of consumers being misled and mis-sold with little scope for recourse" as it proposes changes to the current model.
Government outlines the next steps and details responses from industry stakeholders, including brokers, insurers and trade bodies.
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
MCE boss Julian Edwards says Solvency II favours larger insurers as he discusses the broker's capacity deal with Sabre.
Biba welcomes the move as brokers were previously expected to contribute £60.9m to the retail pool for the financial year 2021/22.
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
Financial institutions and companies listed in the UK will have to produce plans highlighting how they will transition to net zero.
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
While the tax cut on flights ahead of COP26 grabbed headlines, brokers breathed a sigh of relief as hated insurance premium tax remained at 12%.
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell will exit in Spring 2022 and the government is now seeking a successor.
Police are now using the Proceeds of Crime Act to recover funds which were illegally obtained.
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
New research from European provider of cloud infrastructure and cloud services, Ionos Cloud, has found that 38% of insurance IT decision makers (IT DMs) admit to their business having a cyber security skills gap, with a third saying this is putting their…
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
In his second article for Insurance Age, PKF Littlejohn tax partner, Howard Jones looks at the impact of Brexit on UK insurance.