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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 incorporates the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the remainder of 2005 and into 2006. On the next page we list the events, papers and developments on the horizon from other bodies in the UK, Europe and internationally.
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
EC reveals five-year regulatory plan
The European Commission has been true to its word and avoided a further programme of reform for financial services. The agenda is not completely free of new reforms, but concentrated in just a few target areas, the focus will be on implementing the previous five year’s measures. IR&A
reviews the EC’s policy and highlights what has, and hasn’t, made it to the final cut.
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
Rising to the challenge of Solvency II
Few new regulations are expected for financial services over the next few years, but the European Commission has some unfinished business, namely Solvency II for insurance. The detail of Solvency II has yet to be decided but its importance is far too significant to ignore. Speaking at an industry event organised by the CEA, Elemér Terták, director of financial institutions at the European Commission, gave an insight into the EC’s thinking on Solvency II, including how it will fit with IFRS for insurance, and urged companies to take part in its development.
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
Briefly noted
▪ The Financial Services Compensation Schemes
(FSCS) has appointed David Hall as chairman for a fixed period until 31 March 2009. Mr Hall will begin the role on 1 March 2006, succeeding Nigel Hamilton, founding chairman of the FSCS since its..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
FSA sends CEO letters to raise standards in disclosure documents
The Financial Services Authority (FSA) has sent “Dear CEO” letters to general insurers that reveal the extent of its investigation findings into disclosure documents provided to retail customers. Its initial findings – that..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
Equitable Life’s court battle ends without win
Equitable Life’s legal battle to win compensation from ex-directors has ended without a result and a large legal bill following its eight-month long court hearing. The company’s case, originally against 15 former directors and the..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
FSA agrees two-year absence from regulated business for finite re brokers
The London market reinsurance brokers that designed a finite reinsurance deal for Chiyoda Fire & Marine Insurance Company (Europe) have agreed with the Financial Services Authority (FSA) not to undertake any regulated activity for two years...
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
EU-US Dialogue to discuss reinsurance collateral requirements
US collateral requirement for EU, and all foreign, reinsurers active in the US has been identified as a priority area for discussion under the EU-US Financial Markets Regulatory Dialogue. A new list of topics for discussion was announced at the..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
EU legislation poses implementation challenge for UK firms, FSA
The Financial Services Authority (FSA) said it remains concerned over the burden on firms to implement EU directives, with many measures concentrated between 2005 and 2008. In a new publication of international regulatory issues facing the FSA and..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
High level principles at centre of FSA’s better regulation plan
The Financial Services Authority (FSA) has identified 30 measures that will shift the balance of financial services regulation from hard and fast rules to high level principles. Under the FSA’s new “Better Regulation Action Plan”,..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
Broker under FSA review for client money breaches
The insurance broking division of Berkeley Berry Birch (BBB), Berry Birch & Noble Insurance Brokers Ltd, is subject to a new regulatory investigation over client money rules and the lack of systems and controls in the handling of client money...
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
IUA pressures market to see through reforms
The London insurance market must take the lead and respond to the pressure from clients and regulators in order to keep the business at the top of the game, said Dave Matcham, chief executive of the International Underwriting Association. “We..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
Regulation top competitive factor; London leads
London has pipped New York to the post as the leading global financial centre in a new survey by the Centre for the Study of Financial Innovation, published by the Corporation of London in November. The results of the study update a report in 2003..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
Treasury proposes FSMA changes to free up FSA and industry
Retail and wholesale financial services firms are expected to see significant changes to the way they are regulated under a 10-point action plan announced by the Chancellor in his Pre-Budget Report on 5 December. HM Treasury has already published a..
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
UK reforms regulatory regime
Better and “lighter touch” regulation new trend in financial services
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006
FSA decision draws near
The regulator will make a decision on contract certainty in Q1 2006 but will use existing powers to target under-performing individual firms
Online Published Date:
01 January 2006
Appeared in issue:
32 - 01 January 2006