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Aon pays record financial crime fine
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 the broker’s systems and..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
McCreevy calls for action
Financial crisis adds to pressure for Solvency II resolution
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Aon fine sparks review
Regulator gets tough over suspicious payments; new law will introduce criminal charges for firms that fail to address bribery risks
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
FOS should suspend complaints naming plans, ABI
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 wanted to publish..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
FSA backs PPI ban
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 February 2009. The FSA published..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
ABI guidance halves non-disclosure complaints
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,..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
PPI providers face sales restrictions by 2010
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 Competition Commission said it would..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Accounting takes centre stage in 2009, Fitch
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 a report..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
EU states undecided about equalisation provisions under Solvency II
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..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Ombudsman braces for complaints surge
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 will settle a record 165,000 complaints about..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Government accepts Equitable Life errors
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
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Aon pays for regulatory breach
James Bagge, legal consultant for Norton Rose, looks at what went wrong at Aon and explains how other firms can learn from its mistakes
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Europe’s committees increase supervisory role
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..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
UK avoids Rome 1 delay
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. The UK opted out of original negotiations at the European..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Supervisor addresses failures
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
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
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 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.
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009
Ceiops reports on foreign reinsurers in Europe
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..
Online Published Date:
19 February 2009
Appeared in issue:
69 - 01 February 2009