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Tories would cull regulations but not regulator
A Conservative government would keep the Financial Services Authority (FSA), despite its often-cited dislike of red tape and regulations on UK businesses, John Redwood said at a meeting hosted by the IFA Defence Union.
Mr Redwood, head of the..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
FSA removes super-equivalence in life requirements
A new consultation paper proposing changes to the reserving and capital requirements of life insurers is due to be published in September in response to concerns that the regulator has been too prudent. Outlining the changes in its August Handbook,..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
FSA explains overhaul of risk framework
The launch of the Financial Services Authority (FSA) as the single regulator for financial services is still a recent memory yet its regulation has undergone many changes since 2001. Risk-based regulation was at the heart of the new..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Foreign reinsurers gain influence in collateral debate
The National Association of Insurance Commissioners (NAIC) has promised to review the collateral requirements placed on foreign reinsurers accepting business in the US by the end of this year and recent figures from the Reinsurance Association of..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
EU states disappoint in implementation of rules
Member states have taken a step backwards in their efforts to improve transposition of European Commission directives, according to the latest figures, and have missed targets to improve implementation of new rules. In February member states..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
EC decision for safety net directive delayed
The European Commission has delayed a decision on whether to mandate Insurance Guarantee Schemes for all member states in the form of a directive. An announcement planned for June this year has been postponed until the Commission completes a..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Brokers still concerned about regulatory burden
Regulation is both a challenge and a threat to the business of UK brokers, according to the results of a survey published by Lloyd’s, carried out by Acritas Research at BIBA’s annual conference earlier this year. Brokers named regulation..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Insurers take to ICAS regime
Individual Capital Adequacy Standards (ICAS) have had a positive effect on insurers’ risk-based approaches to capital and has become an important part of the business, rather than simply a compliance function, according to the Association of..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Government rethinks travel insurance exclusion
The government’s decision three years ago to exempt travel agents from general insurance regulation won it few friends in the insurance industry. But now it seems the government could be contemplating a change in the rules. Last month economic..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
MiFID challenges FSA principles of better regulation
The Markets in Financial Instruments Directive (MiFID), although of little direct concern to the supervision of insurers, is raising some interesting questions for the Financial Services Authority (FSA). In particular, it is testing the..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Sticking to the FSA’s principles
Following on from our news analysis on page 10, this extract from a presentation to the FSA’s Summer school by Clive Briault, managing director of retail markets at the Financial Services Authority, explains how Treating Customers Fairly is part of the FSA’s wider move to a regulatory regime led by principles over prescriptive rules.
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
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..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Senior management responsibility in insurance
The Financial Services Authority is driving home the message of senior management responsibility in insurance companies and earlier this summer it went beyond punishing firms when it took action against an individual senior manager of a mortgage and insurance broker for the first time. In this article Ian Mason, a partner in the Financial Services Regulatory team of Barlow Lyde & Gilbert, looks at the context of FSA enforcement action in the insurance industry and explains how firms can avoid a costly penalty.
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Putting customers first
It’s a simple business concept but many financial services firms are falling short of FSA standards for Treating Customers Fairly. The regulator is looking for substantial progress over the next 12 months and with a deadline of March 2007 for all firms to reach the implementation stage of the process, firms can no longer afford to ignore the policy and must start changing their business culture.
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Momentum gathers for change in broker rules
The UK government knowingly gold-plated the EU Insurance Mediation Directive to create a level playing field but how will this decision stand up in a government review? IR&Alooks at developments that could lead to a dramatic change in policy.
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
Briefly noted
▪ Many large listed firms have included operating &
financial reviews in 2006 annual reports (year end 31 March) despite the government’s last-minute decision to scrap mandatory enforcement. According to analysis of 23 FTSE 100..
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
UK broker rules criticised
The government is coming under increasing pressure to address the gold-plating elements of the Insurance Mediation Directive
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006
FSA takes action
The regulator is coming down hard on general insurance intermediaries
Online Published Date:
01 September 2006
Appeared in issue:
40 - 01 September 2006