Over the last year, one thing that has never been out of the headlines is the Payment Protection Insurance scandal, and the compensation a lot of people have been awarded.

During the year we also heard about Foreign Exchange, and the LIBOR rigging and the penalties dished out to banks. We have seen the FCA Regulator go from hero to zero, where it condoned the release of an interview to the Daily Telegraph about its intentions and then all manner of chaos took place with many Insurance companies suffering huge share price collapses. 

Of course had a company done the same it would have been reprimanded and penalised but because it was the Regulator itself who got it wrong, an outside investigation was set up, concluding in over 200 plus pages that the Regulator’s own systems and controls were not fit for purpose!. 

So we have errant banks selling insurance policies they shouldn’t have, which I must add we at Trident Insurance refused to sell, and a Regulator not quite what we thought it was. We have been overloaded with all manner of apologies and of course the usual ‘lessons have been learned’ one.

Do I think lessons have been learned? Not at all, and my reason is that politicians moved underlying regulation away from government to an independent regulator believing that all those qualified people would understand better!!. But the regulation they are working with was set up by Parliament, and in effect it handed a duff pup to the Regulator. The result is that it has been so far behind the curve that it has had to prioritise what it can and will do, leaving too much unaddressed.

I am not supporting the weak hand the Regulator has been given because it has handicapped it’s ability to do what needed to be done. But I do think these last few years have shown beyond any reasonable doubt that big is definitely not beautiful. 

Having worked in a large bank, accepting that was some 17 years ago, I vowed that here we at Trident Insurance will never treat customers as a bank does. For the Regulator to have to insist that firms treat customers fairly was not only bizarre but absolutely astonishing. What were these masters of the universe doing before? 

The Ombudsman does a great service and it certainly is impartial, but regulation now is in a bind with a lame duck Regulator, unable to adapt as it ought to because an election is approaching and sweet nothing will be done until well after May.

So will there be changes? I hope so but doubt it, Regulation needs to be clear and precise is clear and not subject to endless interpretations, and that means amending huge tracks of regulation resulting in less but better quality and the Regulator getting its own house in order but when did Turkeys vote for Christmas; and finally you dear reader have to accept that if it sounds too good to be true it really is, and if you don’t really understand please don’t just say so and ask whatever it is you don’t get. 

I’ve written before that with so many exclusions and exemptions you need to know what you are covered and not covered for and of course paying for !!!

They say you can only guarantee two things in life: death and taxes. Both have been around a lot longer than Trident Insurance.!! But you can also guarantee we will bust our guts to get you the best deal on prices and cover we possibly can, whether it’s for personal or commercial use.

Wishing you all a happy and healthy year ahead.