Financial Services Authority (FSA)
ABI says Solvency II delay ‘sensible’
The Association of British Insurers has described the Financial Services Authority’s announcement on the delay to Solvency II as “sensible”.
FSA Solvency delay “an opportunity”
Insurance consultants have put a brave face on the FSA’s announcement that it expects to delay Solvency II by a year to 1 January 2014.
FSA expects Solvency II to be delayed
The Financial Services Authority has said it expects insurers to have to comply with Solvency II rules from the delayed 1 January 2014 date.
FSA set to announce Solvency II deadline decision "soon"
The Financial Services Authority has said it is to announce the deadline for implementing Solvency II “soon”.
FSCS funding back under the spotlight
The Financial Services Authority is restarting its review into the funding of the Financial Services Compensation Scheme.
View from the top: Time for action
Insurers must fight to protect their fundamental purpose faced with the threat of external interventions, says Barry Smith, CEO, Ageas UK.
Top 100 UK insurers supplement: Steadying the ship
After a tough 2009, the top insurers have managed to maintain GWP levels in 2010 but snapping at their heels are a few new entrants doing their best to prove there is still money to be made in general insurance.
FSA publishes 2011 H1 complaints data
Complaints data compiled by the Financial Services Authority for the first half of 2011 shows that the number of individual grievances concerning general insurance and pure protection have increased by 18% to 848 357.
Lloyd's and ABI band together on Solvency II
Lloyd’s and the Association of British Insurers’ are working together on a proposal that will allow the London market to push ahead with implementing Solvency II - even if it is delayed until 2014.
American broker blames barriers to entry for lack of interest in London
Reinsurance broker Tiger Risk Partners UK has claimed to be the first US-owned broker to set up a London office since 2003, blaming the lack of interest on the UK’s “significant barriers to entry”.
PSTF: Eliminate social media confusion before policies tested by regulator
Law firm Taylor Wessing has urged companies to implement formal social media policies, or risk falling foul of the regulator.
Interview - Matthew Reed: The challenge is everything
With insurance as his third career, Matthew Reed, Axa Commercial’s managing director of intermediary and direct, has risen rapidly up the ranks. Amy Ellis finds out how previous experiences have invested him with the determination to turn the insurer…
MGAA launch: Changing perceptions
Delayed since 2010, the Managing General Agents Association launched this month, with a brief to ensure the insurance industry and regulators understand exactly what role MGAs perform.
News review 14 - 20 September 2011
A review of news stories which broke between 14 and 20 September 2011.
FSA takes too long over permissions, RPC lawyers warn
The length of time it takes the FSA to grant financial services firms permission to expand their businesses has increased by 10% in the last year, says City law firm Reynolds Porter Chamberlain.
Colosso and Barr leave Gallagher Heath as Hodges starts new role early
A week of departures and early arrivals within the broking community has resulted in former Heath Lambert bosses Adrian Colosso and Graham Barr leaving Gallagher Heath, while ex-Aviva UK CEO Mark Hodges has started work at Towergate earlier than expected.
MoJ to split referral ban enforcement role between industry regulators
The Ministry of Justice has confirmed the government’s proposed ban on referral fees is likely not to be centrally administered, but instead enforced by a collection of disparate regulatory authorities.
Internal fraud: Internal affairs
Internal fraud within insurers has hit the headlines, so what obligations and recommendations are there to help stamp it out?
Industry bodies express concerns over new regulator plan
Insurance and broker associations have welcomed the Government’s proposed regulatory reforms in their consultation responses. However, they have also expressed concern its plans could be too “ambitious”, which may potentially cause delays.
MGAA to challenge FSA "pleasant" but indifferent view
The chairman of the Managing General Agents’ Association has said the Financial Services Authority seemed indifferent to the new trade body.
BIS Countdown: Sir John Grieve - In the eye of the storm
As deputy governor of the Bank of England, Sir John Gieve was in the centre of the worst financial crisis for a century. What has hindsight revealed and what are his views on the subsequent regulatory shake-up?
9/11 Contract certainty: The first steps taken
A rush of legal cases always followed a catastrophic loss before contract certainty was introduced. The attacks on 11 September 2001 thrust the issue into the spotlight but were other factors at play?
Biba and IIB call for FCA changes
The two broker bodies, Biba and the IIB, have jointly called for regulatory barriers to be lowered and for the current inappropriate style and intensity of regulation to be reformed.
Warning over Solvency II pillar three requirements
Capita Consulting’s head of financial services Tony Tarquini has claimed insurers are failing to focus enough on meeting the ‘third pillar’ reporting requirements of Solvency II.