Regulation

The Consumer Insurance Act is the first formal change in law in this space for more than 100 years. Paul Dalgliesh looks at the implications for insurers and advisers.

Insurers need to keep clearer records to aid in potential claims disputes following the introduction of the Consumer Insurance Act, according to industry observers.

Too much regulation - instead of instilling greater trust in the financial services industry - can have the opposite effect, according to Richard Sexton, reputation and policy director at PricewaterhouseCoopers (PwC).

The blame for the erosion of trust in financial services must be laid at the feet of everyone involved in the sector, the Financial Conduct Authority's (FCA's) director of supervision has said.

Compensation and refunds related to mis-sold payment protection insurance (PPI) have reached £9.3bn, the Financial Conduct Authority (FCA) has said.

The Financial Conduct Authority (FCA) has set out the steps it will put into action in the event of a regulatory failure.

The Institute of Financial Services is now able to offer chartered membership in addition to its existing chartered titles.

Financial services will never rebuild trust with consumers or affect a change in the sector unless custodial sentences are imposed on those guilty of criminal wrongdoing, Chuka Umunna, shadow business secretary has said.

The Financial Services Authority (FSA) blocked just 30 out of a possible 227,000 applications from individuals to join the financial sector in the six years since the banking crisis erupted, a rejection rate of just 0.01%.

Loose central bank policies could threaten global financial stability when interest rates rise as lenders become "addicted" to central bank financing, the International Monetary Fund (IMF) has warned.