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FCA abolishes requirement for consumer duty champions

Law360, London: The Financial Conduct Authority (FCA) said on 27 February 2025 it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.

Swiss Re expects less than US$700m hit from LA wildfires

Law360, London: Swiss Re, European insurance company, said on 27 February 2025 that it expects losses of less than US$700m from the mass wildfires that swept the Los Angeles (LA) area in January 2025.

FCA speech announces regulatory reforms and wholesale insurance changes

The Financial Conduct Authority (FCA) has published a speech by its chief executive, Nikhil Rathi, at the Association of British Insurers roundtable detailing significant regulatory changes. Effective from 27 February 2025, the Consumer Duty board champion requirement is removed, and approximately 50 growth proposals related to mortgage affordability and digital payments will be implemented. The FCA plans to launch the 'My FCA' portal in March 2025 and conduct new market studies into premium finance and pure protection.

Insurers could take hit from FCA premium finance action

Law360, London: Insurers could take a hit of up to 15% on their profitability if the Financial Conduct Authority (FCA) introduces an outright ban on so-called premium finance arrangements, analysts said on 26 February 2025.

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