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.
Payment Protection Insurance (PPI) has hit the headlines for all the wrong reasons – in 120 articles to be precise since the beginning of the year, according to the FSA. In this extract from Stuart King’s speech, head of retail intelligence and regulatory themes at the FSA, he explains what has gone wrong and why the regulator will introduce new rules.
There is a lot more to principles-based regulation than meets the eye and in this article Nathan Willmott of law firm Berwin Leighton Paisner LLP unearths some important findings that all insurers, reinsurers and brokers need to know if they are to survive the transition without the threat of enforcement action.
The reality of Solvency II is sinking in. It is no longer just a theory, and it is no longer a far-away target. IR&A
reports from the Association of British Insurers’ conference “ICAS 2007 and the path to Solvency II” held in London recently.
The UK’s current concern over maintaining its competitive position in the face of growing rivals such as Bermuda and Ireland is also echoed in recent debate in the US. London has been waiting in the wings to take over New York’s reign as the leading financial centre for years and the US is starting to feel the heat. Years of stringent rules and regulations, most recently consolidated in Sarbanes-Oxley, have caught up on the US.
The Financial Services Authority (FSA) has completed its review of the training and competence regime for retail firms following its earlier decision to exempt wholesale firms from detailed rules on the implementation of MiFID. Under..
The US Securities & Exchange Commission (SEC) is not impressed by the IFRS statements it has received from foreign issuers as part of the reconciliation roadmap. Under the current rules, foreign private issuers in the..
The UK government is re-considering its position regarding Rome I, the EU regulation (“The Regulation on the Law Applicable to Contractual Obligations”) following the 1980 Rome Convention. The UK elected not to opt in in..
The European Commission’s proposals to speed up mergers and acquisitions in financial services have been approved by the European Parliament in a first reading, although not without several changes. Internal market commissioner Charlie McCreevy introduced..
General insurance brokers still failing to meet client money safeguards will be afforded no leniency, the Financial Services Authority (FSA) warned following the results of its latest review of the sector at the end of..
The Treasury is the latest government department to modify its rules and regulations in an effort to raise London’s competitive position in global markets. Following a meeting of the Chancellor’s High Level Group in February..
Ceiops’ second quantitative impact study did not go down well in the UK. The modular approach used to calculate the Minimum Capital Requirement (MCR) distorted results and the CEA accused the formula of being “fundamentally..