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Articles for September 2008
Nothing to hide? #
01 September 2008
Paul Edmondson and Simon Morris of CMS Cameron McKenna look at the implications for firms of the Financial Services Authority’s decision to be a more transparent regulator
Coming your way… #
01 September 2008
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 is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the year ahead. A second table lists developments elsewhere in the UK, Europe and internationally.
UK braces for tax exits #
01 September 2008
After campaigning for concessions to the UK’s tax regime for several years, Brit Insurance has confirmed that redomiciling outside the UK is a very real option. IR&A looks at how insurers are running out of patience with the promise of tax reform.
FSA under pressure on inherited estates #
01 September 2008
Law firm Herbert Smith says the Financial Services Authority (FSA) is under pressure from both consumers and the Treasury Committee to justify its position on inherited estates, but how far will it go?
Captive group forms to challenge Solvency II proposals #
01 September 2008
Captive owners and insurers have formed a new association to reinforce their campaign against Solvency II proposals. The European Captive Insurance and Reinsurance Owners Association (ECIROA), a group of around 16 members across Europe, has..
More rules will curb EU financial services growth, report #
01 September 2008
Regulators should hold-off introducing new rules in response to the credit crunch and the current economic climate or risk impacting the growth of Europe’s financial services, says a new report by London Economics and published..
QIS 4 causes concern for L&G #
01 September 2008
Legal & General says it is uncomfortable with the new solvency approach to annuities currently being tested under QIS 4 which it says would have a huge negative impact on its capital. The savings and..
Briefly noted #
01 September 2008
▪ The timetable for the Financial Services Authority’s Retail Distribution Review has been set back to allow new managing director of retail markets Jon Pain to contribute to the process. Mr Pain joins the FSA..
FSA fines five PPI motor dealers #
01 September 2008
Five motor dealers, regulated to also sell insurance, have been fined a total of over £175,000 for breaches relating to the sale of Payment Protection Insurance (PPI). GK Group Ltd, George White Motors Ltd, Ringways..
Hastings Insurance pays price for cancelling mis-quoted policies #
01 September 2008
Insurance broker Hastings Insurance Services has been fined £735,000 by the Financial Services Authority (FSA) which accused the firm of failing to treat its customers fairly after it cancelled over 4,500 car insurance policies which..
Ex-Euclidian directors banned from Lloyd’s #
01 September 2008
Two former directors of Lloyd’s managing agent Euclidian Underwriting, which entered run-off in 2004, have admitted charges of misconduct before Lloyd’s Enforcement Board. James Corrigan-Stuart and Andrew Willoughby have been banned from Lloyd’s and have..
Ceiops opens discussion to converge supervisory reviews #
01 September 2008
Insurance adviser to the European Commission, Ceiops has begun work to develop consistent supervisory reviews and reporting requirements across Europe’s regulators under Solvency II. In a new issues paper, Ceiops proposes a framework that would..
CEA addresses group solvency concerns #
01 September 2008
The Comité Européen des Assurances (CEA) is throwing its weight behind proposals for a group support regime in insurance regulation and it has published a new document to address some of the concerns that have..
SEC prepares to scrap US GAAP #
01 September 2008
The US could adopt international financial reporting standards (IFRS) by 2014 under a new proposed roadmap that would replace US GAAP for the new accounting standard. The Securities and Exchange Commission (SEC) said it will..
Firms pay for distress under FOS rules #
01 September 2008
The Financial Ombudsman Service (FOS) has clarified its position over additional awards to consumers found to have suffered distress, inconvenience or other non-financial loss at the hands of financial services firms. In a new technical..
Insurers shun UK taxes #
01 September 2008
Brit says uncertainty over the UK’s tax plans could drive it overseas
UK agrees to Rome 1 #
01 September 2008
The government has a change of heart over choice of law rules