Financial Services Authority (FSA)
ABI/KPMG: 98% of UK insurer bosses "very worried" by EU impact
The insurance industry has a key role to play in helping UK consumers manage their financial commitments, but first it needs to improve its reputation.
Legal sector critical of FSA paper
The legal sector has reacted critically to the Financial Services Authority’s paper on the future of regulation for insurers.
UK to "pilot" new regime if SII deadline delayed
UK insurers risk becoming the guinea pigs of new capital rules surrounding insurance companies if they press ahead with plans to implement the new framework in time for the current 1 January 2013 deadline.
UK to "pilot" new regime if SII deadline delayed
UK insurers risk becoming the guinea pigs of new capital rules surrounding insurance companies if they press ahead with plans to implement the new framework in time for the current 1 January 2013 deadline.
Motor insurance underwriting losses more than £2bn
Underwriting losses in the motor insurance industry exceeded more than £2bn last year, according to figures released this week.
Draft bill published on financial regulation reforms
The government has published a White Paper and draft bill detailing its proposed reforms to the financial regulatory regime within the UK.
Independent Anniversary: The last days of Indy
Tomorrow marks the tenth anniversary of the demise of Independent Insurance, the underwriter once the envy of rivals, which ultimately proved the maxim “too good to be true”. Jonathan Swift revisits the finals days with those who lived through it.
FSA refuses to back down over FSCS review timing
The Financial Services Authority has refused to commit to an April 2012 deadline for a review of the Financial Services Compensation Scheme, as it would be "counterproductive" to consult when changes to European insurance legislation are ongoing.
Call for tougher regulation accepted by aggregators
The British Insurance Brokers' Association has called for rules governing electronic trading to be updated to keep pace with technological developments in the aggregator space.
FSA refuses to commit to April 2012 FSCS review deadline
Speaking at a meeting held by the All Party Parliamentary Group on Insurance and Financial Services about the future and funding of the FSCS scheme on 14 June, Sheila Nicoll, director of conduct policy at the FSA told MP’s that changes in Europe and UK…
FSA acknowledges consumer support on product intervention
The Financial Services Authority has published its feedback statement discussing responses to its “Product Intervention” discussion paper.
Beachcroft: FSA product intervention marks “a major U-turn” in approach
Matthew Rutter, financial services partner at Beachcroft, has said the FSA’s feedback statement on product intervention – its powers to stop or intervene over financial services products – marks a major U-turn in its approach.
FSA staff turnover more than doubles
Staff turnover at the Financial Services Authority more than doubled between 2009/10 and 2010/11.
Biba presents petition on fees to MP
The British Insurance Brokers' Association has presented a petition of nearly 7000 member signatures to Jonathan Evans MP calling for the government to accelerate the Financial Services Authority’s review of the Financial Services Compensation Scheme…
Barclays to settle all PPI claims
Barclays are set to pay out compensation to everyone it sold payment protection insurance to and who made a complaint before 20 April, according to reports on the BBC.
FSA extends PPI complaints deadline
The Financial Services Authority has extended the timeframe for Barclays, Lloyds Banking Group and Royal Bank of Scotland to handle payment protection insurance complaints.
Meerkats and opera singers come under the FSA's spotlight
The FSA's announcement of guidance for aggregators when it comes to treating customers fairly in the selling of general insurance has provoked a flurry of responses from you the loyal reader. Perhaps you're tired of the large opera singer and Aleksandr…
FSA spends £763k on delayed FSCS review
The Financial Services Authority spent £763 000 on a review of the Financial Services Compensation Scheme that it later abandoned.
ABI welcomes FSA aggregator guidance
The ABI has responded to the publication of the Financial Services Authority’s proposed guidance to comparison sites.
Solvency II - Post implementation: Capital consequences
In the second instalment of a two-part article, Steven McEwan examines what will happen if the all-important capital requirements under Solvency II are breached.
View from the top: Trust is our bedrock
Last month, I attended the funeral of a good friend, Damien Doran, who worked for Perkins Slade, a great broking firm in Birmingham. Damien was the best of our industry. A man you could rely on to do the right thing for his clients, respected by everyone…
Solvency II: FSA: eight out of 10 insurers have weaknesses over SII
The Financial Services Authority remains concerned that firms are spending too much time focusing on Pillar I of the Solvency II regulations and not enough time on Pillars II and III.
Solvency II: FSA: smaller firms must address all pillars of Solvency II
Small firms have been urged to make sure they address Pillars II and Pillars III of Solvency II.