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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 2006 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 June 2006
Appeared in issue:
37 - 01 June 2006
The road to better regulation
There has been much talk about better regulation, principles-based regulation and reducing the burden on firms. But where is the regulator in achieving such substantial change? In this extract from a speech given recently by John Tiner, chief executive of the FSA, he details how the FSA is tackling the issues and how the regulator is determined to improve the way it sets rules and communicates with firms in order to fundamentally strengthen the regulatory system.
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Liberty Mutual vs Spitzer
Most of the insurers named in the Marsh bid-rigging allegations have reached settlement terms with New York attorney general Eliot Spitzer. The insurers hoped that by paying restitution and promising to eliminate any tainted practices question marks over their reputations will subside. One insurer, however, has bucked the trend and says it will fight the bid-rigging allegations in court after settlement talks collapsed. IR&A
looks at Liberty Mutual’s case, as the first of its kind against the regulator who has promised to “clean up the insurance industry”.
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
The urge to converge
Two recent reports put the status of regulatory convergence between insurance, banking and securities regulators under the microscope.
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Briefly noted
▪ GoshawK Insurance Holdings has missed a self-
imposed deadline of 19 May to file preliminary results for 2005 after missing the 120-day regulatory deadline at the beginning of May. Trading in GoshawK’s shares was suspended by the UK..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Europe’s insurers prepared for Solvency II, report
Europe’s insurers are more prepared for Solvency II than first thought according to the results of a new survey by Accenture. Half of Europe’s insurers have begun a formal programme to address the European Commission’s Solvency II..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Allegations fly at Equitable Life inquiry
The inquiry into the regulation of Equitable Life, currently under way in the European Parliament, heard strong allegations about the UK’s implementation of EU insurance directives recently. Michael Josephs of the Investors’ Association..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Change proposed for ombudsman fee system
Proposed changes to the way firms pay for the Financial Ombudsman Service (FOS) in the UK are likely to create both “winners and losers”, according to a new paper by the Financial Services Authority (FSA) to generate views on the future..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Broker Besso fined over “fraudster” former employee
Insurance broker Besso has been fined £20,000 for failing to seek approval from the Financial Services Authority (FSA) for a senior manager who had a string of convictions for fraud. The FSA said that the unnamed (now former) employee is..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
FSA and OFT outline collaboration plans
Two of the UK’s most powerful regulators are to publish a new action plan to consolidate their relationship in supervising financial services. The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) said they will work more..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
BIBA appeals to PM to make regulation costs more proportionate
The government must do more to address the disproportionate costs of regulation shouldered by small insurance brokers, according to the British Insurance Brokers’ Association (BIBA). Eric Galbraith, chief executive of BIBA, said regulation..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
FSA removes Approved Persons notification rule
In the latest move to simplify its regulatory regime for financial services firms, the Financial Services Authority (FSA) said it will remove the requirement on firms to notify the regulator of the responsibilities of Approved Persons each year...
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
UK lobbies for VAT change
The UK insurance industry has presented its arguments for change to the current VAT system in Europe at a conference in Brussels to discuss modernisation of the regime. The European Commission has announced its intention to update the system, in..
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
New Lloyd’s head drives contract certainty project
Prettejohn successor begins tenure with proposals that add to contract certainty effort
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006
Client money under new review
FSA looking for “significant improvements” in visits to firms
Online Published Date:
01 June 2006
Appeared in issue:
37 - 01 June 2006