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No time like the present
Solvency 2 is still in development but publication of the draft framework directive is now just months away and a tight implementation timetable will follow. In this extract, Sarah Wilson, director of the FSA’s retail firms division speaking from a privileged position of having seen early drafts of the directive - gives some crucial pointers to UK insurers in their planning for the new regime.
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 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 May 2007
Appeared in issue:
48 - 01 May 2007
CEA defends industry in competition inquiry
The competition commission at the EC has yet to publish its final report into business insurance but based on its interim report, the industry has a lot to prove if it is to protect itself from serious changes.
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Looking ahead to insurance law reform
In this article Stephen Netherway and Stephen Kilner of CMS Cameron McKenna bring us up-to-date on the Law Commission’s proposals for an overhaul of insurance contract law and provide a summary of the latest paper on insurance intermediaries.
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
FOS funding review postponed
Radical plans to change the way the Financial Ombudsman Scheme (FOS) is financed have been postponed. A review began last year driven by the increase in the number of small firms to the FOS’s compulsory jurisdiction and complaints from some..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Regulation key to London’s competitiveness, report
Successful regulation is a vital component of London’s infrastructure and competitive position in financial services, according to new report published by the City of London. The Bourse Consult report, analyzing the competitive impact of..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Lloyd’s speeds up broker procedures
Lloyd’s has overhauled supervisory checks on registered brokers in a bid to speed up the broker registration process and streamline procedures for dealing with Lloyd’s brokers. Lloyd’s says its new rules will more than halve the..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
IASB insurance paper delayed again
The second phase of work for an international financial reporting standard (IFRS) on insurance contracts has been delayed again. A discussion paper, which would be the first output from the International Accounting Standards Board regarding phase..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Greenberg adds to concern over US regulation
Maurice Greenberg, the ousted head of AIG and chief executive officer of investment firm CV Starr, has blamed the US’s “hostile” regulatory regime for the decline in the competitiveness of the country’s insurance industry...
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
FSA bans PPI broker
The Financial Services Authority (FSA) has taken further enforcement action regarding the sale of payment protection insurance (PPI). It has banned Alan Garlick, a director of Chapel Finance Ltd, from carrying out regulated duties following failures..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
FSA to differentiate general insurance rules
The Financial Services Authority (FSA) has confirmed that it is prepared to differentiate regulatory requirements for certain lines of general insurance products. In an interim report on the potential for change within the insurance conduct of..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
They said it…
“It seems to be fashionable, even sometimes by those in Government to heap criticism on the FSA. We take the contrary view. They carry out an essential and complex task well, they are always ready to listen, and one of the reasons our..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
UK government “failed” Equitable Life policyholders
The UK failed to comply with EC insurance directives and the government should compensate thousands of policyholders that suffered financial loss as a result of the events at Equitable Life, concludes a damning European Parliament report into the..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Insurance rules stripped back
The FSA will remove gold-plated elements of the general insurance regime
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Wholesale pool?
The FSA also announced that it intends to issue a further consultation paper, in about six months, to discuss the potential for creating a pool for wholesale financial services as part of the FSCS scheme.
Access to the wholesale pool would be in..
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007
Levies rise to fund collapses
The UK’s safety net will increase, and could extend to wholesale firms
Online Published Date:
01 May 2007
Appeared in issue:
48 - 01 May 2007