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From risk measurement to management
Firms have been working with ICAS for long enough now for the regulator to expect more from the industry’s risk management procedures. In this extract from a market speech Sarah Wilson, insurance sector leader at the FSA, explains how the regulator/industry relationship is mutually dependent and beneficial.
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
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 year ahead and beyond. 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 July 2007
Appeared in issue:
50 - 01 July 2007
In perfect harmony?
The European Commission wanted a more cohesive system for regulating brokers across Europe when it introduced the Insurance Mediation Directive, but the results – which range from gold-plating to no measures at all – have got everyone thinking again.
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Changing expectations
Principles-based regulation calls for a departure from the comforting tick-box approach to compliance so how will this affect the role of compliance officers? In this article Nathan Willmott
and Polly James
of law firm, Berwin Leighton Paisner explain what the transition will mean for compliance professionals and senior management.
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Member states deficit performance deteriorates
The European Commission says a fall in the deficit rate measuring the percentage of internal market directives that have not been implemented correctly and on time is only a temporary blip. Member states achieved their best ever deficit rate at the..
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Briefly noted
▪ The financial advice sector needs a regulatory overhaul, according to Towry Law which has called on the Financial Services Authority to intervene with new rules to strengthen consumer protection. Towry Law says the FSA’s attempts to..
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
General insurance to reform “by end 2007”
General insurance regulation in the UK will be split along business lines from the end of this year, according to plans set out in full by the Financial Services Authority (FSA) following its review of the general insurance regime. While certain..
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Independent bosses in court for fraud trial
Six years after his company entered liquidation Michael Bright, the former director and founder of the once-envied Independent Insurance Company, faced criminal charges of conspiracy to defraud at Southwark Crown Court alongside two of his..
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Optional federal charter tries again in US
A fresh attempt to introduce an optional federal charter for insurers in the US has been filed in the Senate. The National Insurance Act of 2007 has been reintroduced by Senators John Sununu and Tim Johnson following an earlier attempt last year and..
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Retail markets pose problem for FSA
The retail financial services market is a challenge to the Financial Services Authority’s (FSA) chosen regulatory approach, said chairman Sir Callum McCarthy in the FSA’s annual report for the past financial year.
Sir Callum said the FSA..
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Travel agents fall to FSA
Dumping thousands of travel agents in FSA “skip” will dilute regulator
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007
Tiner criticises EU regulation
As John Tiner prepares to leave the FSA, he calls for reform in the regulation of large EU groups
Online Published Date:
01 July 2007
Appeared in issue:
50 - 01 July 2007