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Articles for February 2009
Aon pays record financial crime fine
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19 February 2009
Broker Aon Ltd has been landed with the largest ever fine for a financial crime-related breach by the UK regulator. Aon is to pay £5.25m in penalties after the Financial Services Authority (FSA) found that..
McCreevy calls for action
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19 February 2009
Financial crisis adds to pressure for Solvency II resolution
Aon fine sparks review
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19 February 2009
Regulator gets tough over suspicious payments; new law will introduce criminal charges for firms that fail to address bribery risks
FOS should suspend complaints naming plans, ABI
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19 February 2009
Plans by the Financial Ombudsman Service (FOS) to publicly name financial services firms generating high numbers of consumer complaints have been challenged by industry groups. The FOS board decided in July last year that it..
FSA backs PPI ban
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19 February 2009
Momentum gathered for an outright ban on the sale of single premium PPI policies after a group of the UK’s largest high street banks agreed to stop selling such policies alongside unsecured personal loans from..
ABI guidance halves non-disclosure complaints
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19 February 2009
The number of complaints to the Financial Ombudsman Service (FOS) regarding claims for long-term protection policies has halved since the introduction of new industry guidance. According to the Association of British Insurers (ABI), its guidance,..
PPI providers face sales restrictions by 2010
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19 February 2009
Sales of Payment Protection Insurance (PPI) in the UK will undergo significant reform over the next year to comply with new measures proposed by the Competition Commission. In its final report on the sector, the..
Accounting takes centre stage in 2009, Fitch
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19 February 2009
There are high hopes for accounting developments in 2009, with the next 12 months described as pivotal for convergence between US and international standards and progress in the IASB’s project for insurance contracts, according to..
EU states undecided about equalisation provisions under Solvency II
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19 February 2009
The Committee of Europe Insurance and Occupational Pensions Supervisors (Ceiops) has questioned the future of equalisation provisions in the insurance industry. A survey of member states conducted in May last year found that equalisation provisions..
Ombudsman braces for complaints surge
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19 February 2009
The Financial Ombudsman Service (FOS) is predicting a 44% rise in the number of complaints from consumers in the next financial year 2009/2010. In planning its budget for the next year, the FOS said it..
Government accepts Equitable Life errors
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19 February 2009
The government has admitted mistakes were made in the regulation of Equitable Life, but it has not accepted all allegations of maladministration and its proposal to compensate policyholders falls short of recommendations
Aon pays for regulatory breach
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19 February 2009
James Bagge, legal consultant for Norton Rose, looks at what went wrong at Aon and explains how other firms can learn from its mistakes
Europe’s committees increase supervisory role
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19 February 2009
New measures from the European Commission to strengthen the supervisory framework of Europe’s financial markets have enhanced the monitoring role and responsibilities of the three committees for insurance (Ceiops), banking (CEBS) and securities (CESR), although..
UK avoids Rome 1 delay
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19 February 2009
The UK will fall into line with other European member states when new choice of law rules for goods and services including insurance, known as Rome 1, take effect from the end of this year...
Supervisor addresses failures
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19 February 2009
The pressure is on world governments and regulators to fully address the causes of the banking crisis and restore confidence in a sounder system. In a speech to The Economist’s inaugural lecture in January, Lord Turner looked at what the crisis means for the future of regulation. Banking reform is at the heart of Lord Turner’s comments but this extract provides important insight into the regulator’s current line of thinking and the potential for regulatory reform
Coming your way...
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19 February 2009
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 rest of the year. A second table lists developments elsewhere in the UK, Europe and internationally.
Ceiops reports on foreign reinsurers in Europe
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19 February 2009
Foreign reinsurers are able to establish branches in Europe to write local business, largely without regulatory restrictions, according to the results of a survey conducted by Ceiops (Committee of European Insurance and Occupational Pensions Supervisors)...
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