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Advantage: the UK
There has been much speculation that the UK, and specifically London, has beaten New York to become the world’s leading financial centre. While there are many reasons for this advance, regulation is said to be the UK’s secret weapon and in this edited speech from Ed Balls, economic secretary to the Treasury, he explains the role of regulation in creating a competitive advantage.
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 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 June 2007
Appeared in issue:
49 - 01 June 2007
Pushing the boundaries
Kevin Griffith, senior manager in Ernst & Young’s Financial Services GAAP Advisory, examines the issues at the heart of the IASB’s new insurance discussion paper and finds that the initial proposals will more than likely stir up opposition from the insurance industry
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
NAO opens the lid on the FSA
It may not be the report that critics of the FSA were hoping for, but given its remit the NAO report has left few stones unturned.
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
Briefly noted
▪The European Parliament’s committee of inquiry
into Equitable Life has been adopted without any major amendments and the final report will now move to the full Parliament for approval. The report, which was issued in draft form in..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
EC considers reform of IMD
Changes to the unpopular regime could take place as early as 2008
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
IASB consults on IFRS for insurance contracts
After a series of delays the International Accounting Standards Board (IASB) has published its initial thoughts on the way forward for insurance contracts, handing over to the industry for its comments on the preliminary views until November 2007...
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
FSA explains principles-based regulation
Firms should not fear the Financial Services Authority’s (FSA) shift to more principles-based regulation and should instead look at the benefits that the regime change should bring about, the supervisor said recently. In a new paper describing..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
Reinsurance rules and IFRS make it to US-EU regulatory agenda
Europe and the US have signed a new work programme of co-operation that establishes priorities for greater collaboration and places some of the projects of high importance to insurers on the agenda. The political summit held in the US at the end of..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
US regulator says it should “adopt” FSA regulation
Recent reports and surveys show how highly regarded the Financial Services Authority (FSA) is around the world and it seems that its approach to financial services regulation has even influenced the thinking of the head of the US’s Federal..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
KPMG survey finds insurers are yet to be sold on principles-based regulation
Insurers need further convincing that principles-based regulation is the best way forward, according to preliminary results from a survey conducted by KPMG which reveals that less than half of firms believe that consumers will benefit from the..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
CESR prepares second rating agency review
The European Commission has requested the CESR to prepare a second report on the compliance of rating agencies with the IOSCO code following the success of the first such report last year. The CESR said it will complete the report by the end of this..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
London’s insurers make a date with No 11
The Treasury is keeping up momentum behind the government-industry joint effort to raise the competitiveness of London’s financial services – and has given a special focus to the insurance market – following the latest meeting of..
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007
Regulation slips up insurers
The banking industry’s famous Banana Skins survey has come to insurance
Online Published Date:
01 June 2007
Appeared in issue:
49 - 01 June 2007