market conduct News

Analysis – EU Power Battle Could Hamper Proposed Safeguards for Financial Products

European Union plans to increase protections for consumers of financial services are reigniting a long-simmering power battle between national and EU regulators that could hamper how the tougher safeguards will be enforced. The European Commission, the EU’s executive body, on …

UK to Ban Cold Calls Selling Insurance and Crypto to Clamp Down on Fraud

The UK is to set to ban cold calls that sell financial products including insurance and cryptocurrencies in an effort to crack down on fraud, which costs the country around £7 billion ($8.7 billion) a year. Announcing its new fraud …

3 Australian Banks Settle Class Action Lawsuits Over Sale of Credit Insurance Products

Three of Australia’s “big four” banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon, who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. …

UK Insurers, Banks Risk Fines Under New Reforms Unless They Put Customers First

Financial firms may be fined and stripped of their regulatory authorization unless they put their customers’ needs first under far-reaching reforms from the UK City regulator. Banks, insurers and other companies will have to ensure their services are actually good …

Financial Conduct Authority Fines JLT Specialty £7.8 million

The Financial Conduct Authority (FCA) has levied a fine of £7,881,700 against insurance broker JLT Specialty Ltd. for financial crime control failings, which in one instance CFA said allowed bribery of more than $3million to take place. JLT Specialty, which …

UK Personal Lines Insurers Adjust to New Pricing Rules. Is Premium Volatility Ahead?

UK insurers are adjusting to new pricing rules for personal motor and household premiums, which could bring some pricing volatility in the coming months as insurers struggle with the implementation. The rules, which went into effect on Jan. 1, are …

Australia’s Corporate Regulator Sues MLC Life for Causing Financial Harm of $13M

Australia’s corporate regulator said on Friday it was suing MLC Life Insurance for causing financial harm of A$17.5 million ($12.73 million) to over a quarter million customers by not paying benefits and charging premiums without notice. MLC is a part …

Australia’s Regulator Sues Unit of IAG for Failing to Honor Promised Discounts

Australia’s corporate regulator commenced civil proceedings against a unit of Insurance Australia Group on Friday, for failing to pass on discounts worth A$60 million ($44.51 million) to nearly 600,000 customers. The Australian Securities and Investments Commission (ASIC) alleged that Insurance …

UK Markets Watchdog Cracks Down on Conduct of Financial Advisers

Britain’s markets watchdog told financial advisers on Tuesday they face a two-year crackdown to stop unsuitable advice, investment scams and excessive fees. The Financial Conduct Authority (FCA) said in a “Dear CEO” letter to heads of financial advice firms it …

U.K. Personal Lines Insurers May Face Curbs on Price Hikes Slapped on Renewal Policies

U.K. home and car insurers could be stopped from jacking up prices when customers’ policies come up for renewal as the country’s financial-markets watchdog clamps down on an industry that’s not giving a “good deal” to about 6 million customers. …