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US sets out long road for reform
The US has long been concerned that its regulatory structure has affected the competitiveness of its financial services firms against more modern regimes such as in the UK. Recently, Treasury Secretary Henry M Paulson set out its Blueprint for Financial Regulatory Reform, proposing integrated regulators for market stability, conduct of business and prudential supervision and the long-awaited optional federal insurance charter
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
Coming your way…
IR&A’s
timetable is regularly updated to cover as many new developments as possible while also keeping an eye on events as they unfold. The first table is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the year ahead. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
Managing your costs for profit
Organisations that can align costs as well as revenues to their economic capital models will have a distinct advantage in increasingly competitive and difficult markets, says Geoff Booth, financial services practice director for Parson Consulting.
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
FSA edges closer to compulsory disclosure
With the publication of a new discussion paper on commission disclosure, it seems that stricter rules, and possible mandatory disclosure requirements, are unavoidable
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
Lloyd’s brokers back principles, survey
A recent survey by Mazars has revealed that 75% of Lloyd’s brokers are in favour of the Financial Services Authority’s move to principles-based regulation. However, to date only 15% of respondents to the survey said they had noticed a..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
Insurers ratings to hold up to Solvency II, Fitch
Insurers are under pressure to be prepared for the new Solvency II regime but a recent report by Fitch Ratings has given firms one less thing to worry about; credit ratings for Europe’s insurers are expected to remain largely intact with the..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
Briault exits FSA as Northern Rock review calls for change
Clive Briault, head of the Financial Services Authority’s (FSA) Retail Business Unit responsible for supervising Northern Rock, is to leave the regulator at the end of April “by mutual agreement”. Lower level supervisors at the FSA..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
Treasury proposes changes to Lloyd’s Act
The Lloyd’s Act 1982, which provides the statutory framework for governance at Lloyd’s, is to be amended under proposals published by HM Treasury via a Legislative Reform Order to “remove administrative burdens and unnecessary..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
FSPP launches 2008 survey
The Financial Services Authority has not been short of criticism of late but a new survey launched by the Financial Services Practitioner Panel (FSPP) – an influential group that is known to challenge the regulator on key issues – will..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
UK wants mandatory supervisory colleges
The UK has called on Europe to mandate for supervisory “colleges” to oversee cross-border groups in response to the recent turmoil in financial markets. In a letter to the Slovenian president of Ecofin, UK Chancellor Alistair Darling..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
EP backs MCR compact approach
The European Parliament committee currently in possession of the Solvency II framework directive has backed the compact approach for calculating the minimum capital requirement (MCR), arguing that of the three options available the compact approach..
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
FSA revisits disclosure
A new paper puts compulsory fee disclosure back on the table
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008
UK proposes “college” law
Alistair Darling says supervisory colleges for pan-EU firms should be mandatory
Online Published Date:
01 April 2008
Appeared in issue:
59 - 01 April 2008