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FSA “sobered” by troubled year
Before the Northern Rock crisis, the Financial Services Authority was riding on a wave; the darling of regulators around the world. However, almost overnight, the run on Northern Rock dented confidence in the banking system and everyone connected with it, including the FSA. IR&A looks at one of the most difficult years in the FSA’s history and finds that the regulator has been humbled by the experience, determined to rectify the damage
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 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 August 2008
Appeared in issue:
63 - 01 August 2008
Findings of fact
Department of Trade & Industry
• In June 1991, the prudential regulators approved, when they should not have done, the appointment of a new Chief Executive without insisting that he should demit office as the Society’s Appointed..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
Regulators “failed” Equitable’s policyholders
In 2000, one of the UK’s most respected insurers closed to new business. During the following eight years investigations and reviews have tried to uncover the events that led to Equitable Life’s near-collapse but it is only now, in a new report, that the role of the regulators becomes clear
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
Keeping an eye on the regulator
Speaking at the FSA’s Annual Meeting for the first time since taking over as chairman of the Financial Services Practitioner Panel, Nick Prettejohn predicted that the events over the past year will lead to a greater focus on prudential supervision over conduct of business rules and shared his concerns over the FSA’s controversial regulatory disclosure plans
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
CEA lobbies for exemption renewal
The European Commission must renew the insurance block exemption rule that protects insurers from the full force of EU competition laws, the Comité Européen des Assurances (CEA) has argued, or put insurers in a position of legal..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
Briefly noted
▪ Brokers and insurers in Bermuda have agreed to a new contract certainty code of practice ahead of the July 1 renewal season. Two trade bodies: the Association of Bermuda Insurers and Reinsurers (ABIR) and the Bermuda Insurance and..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
MPs grill new FSA chairman
The incoming chairman of the Financial Services Authority, Lord Turner of Ecchinswell has made his first appearance before the Treasury Select Committee. Lord Turner will take up the post in September following the departure of Sir Callum McCarthy..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
TCF initiative closes in on December deadline
With only six months left until the Financial Services Authority’s final deadline for its treating customers fairly initiative expires, the regulator said firms still have a long way to go to comply with the high level principles. Research..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
Broker bodies team up for market solution to commission disclosure
The UK’s top broker bodies have said they are working together to resolve the regulator’s concerns over commission disclosure in an attempt to side-step the threat of new rules. The British Insurance Brokers’ Association (BIBA)..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
…CEA calls for halt to decision
The Comité Européen des Assurances (CEA) has called on the European Commission to put its decision on whether to mandate for insurance guarantee schemes in Europe on hold until the Commission conducts a full assessment of existing..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
Most member states back mandatory safety net schemes…
The majority of Europe’s member states have backed European Commission proposals for compulsory insurance guarantee schemes in all countries. In response to the Commission’s consultation paper published in May this year setting out four..
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
MP hearing welcomes new FSA chairman
Lord Turner says he will spend the summer preparing for role
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008
IGS plans split Europe
Ceiops’ research shows majority support for compulsory safety net schemes but the CEA says more ground-work is needed
Online Published Date:
01 August 2008
Appeared in issue:
63 - 01 August 2008