Weekly News Roundup – 8th December

In a move to protect vulnerable customers, the FCA has “proposed new rules to maintain reasonable access to cash for personal and business customers across the UK”. Although the regulator won’t be able to prevent bank branches from closing, institutions will be expected to provide service alternatives that take into consideration things like wifi access in certain areas. At COP28 this week Hillary Clinton has called for reform in the insurance industry to provide adequate support for people particularly impacted by climate change.

FCA sets out new rules to maintain access to cash in increasingly digital world (Source: FCA)
In new powers granted to the regulator by the Financial Services and Markets Act 2023, the FCA has said designated banks and building societies will need to assess gaps in local cash provision.

Hillary Clinton at COP28 climate talks calls for insurance reform (Source: Reuters)
“We need to rethink the insurance industry,” Clinton said during a panel on women and climate resiliency. “Insurance companies are pulling out of so many places. They’re not insuring homes. They’re not insuring businesses.”

BLOG: Evolution in the Insurance Distribution Model (Source: OneAdvent)
Last week AM Best revealed it would be maintaining a positive outlook for the DUA market. A session led by Myles Gould, Director of Analytics at their recent market conference highlighted the value of MGAs in the distribution chain and examined what we can expect from the market in the next year.

There are ways of reducing part of the protection gap, but at a better price: EY (Source: Reinsurance News)
EY discusses how parametric insurance and focussing on prevention to reduce risk and damage is the most economical way to reduce the protection gap.

OneAdvent CEO sheds light on what recent MBO means for firm’s future growth (Source: Insurance Business News)
Tim Quayle was recently interviewed about why it’s a great time to be supporting MGAs and the challenges in launching an insurance business.

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