Financial Services Authority (FSA)
ABI disappointed with FOS decision
The Association of British Insurers has said it is “disappointed” at the Financial Ombudsman Service’s decision to increase its levy on firms.
Brokers await Bribery Act guidance
The Ministry of Justice’s final guidance on what companies will need to do to comply with the Bribery Act, is set to be released tomorrow.
Editor's comment: hard work starts here
The British Insurance Brokers' Association must be feeling pretty vindicated and pleased with itself right now — and justifiably so.
Disappointment over 10% increase in FSA funding
The insurance market has expressed disappointment at a 10% increase in the Financial Services Authority's funding requirements during 2011/2012.
FSA urged to reconsider financing plans
The Financial Services Authority has been urged to consider the “nature of the risk” of a firm and not just its size when implementing its funding proposals.
Margaret Cole set to oversee top regulatory conduct role
Margaret Cole, currently the director of enforcement at the Financial Services Authority, is set to temporarily become head of the Financial Conduct Authority – one of two new regulatory bodies to be formed in April.
FSA funding requirement rises 10% for 2011/12
The Financial Services Authority has set out its business plan detailing its priorities for 2011/12, which reveal a 10.1% increase in funding from £454.7m to £500.5m.
FSA publishes PRO
The Financial Services Authority has published the Prudential Risk Outlook which sets out its assessment of macro economic and financial trends as a context for its micro-prudential regulation and supervision of firms.
Biba stands firm on call for FSCS funding changes
The British Insurance Brokers' Association has reiterated its call for a change to the Financial Services Compensation Scheme funding rules before April 2012, after an MP warned the final figure for payment protection insurance mis-selling compensation…
Deadline fears raised over Solvency II implementation
Concerns over increasingly tight deadlines in the run-up to the implementation of Solvency II have been raised on behalf of the insurance industry following publication of the European regulator's fifth quantitative impact study.
Lord Myners raises gender question
The European Court of Justice ruling on gender has again been raised in Parliament.
Moody’s: QIS5 details insurer capital strength
Moody’s investors service has stated it believes the results of QIS5 – a pre-Solvency II study- confirm many insurers will not need to raise their capital base.
FSA publishes regulation responses
The Financial Services Authority and Financial Reporting Council have published a feedback statement summarising the responses to the joint discussion paper on enhancing the auditor’s contribution to prudential regulation.
PPI bill set to become “colossal”
Jonathan Evans, chair of the All Party Parliamentary Group on Insurance Financial Services, has warned that the final figure for payment protection insurance mis-selling compensation could end up as high as £4bn.
Interview – Peter Halpin: keeping Swinton on the acquisition track
Swinton CEO Peter Halpin had a lot to live up to - following, as he did, in Patrick Smith’s footsteps. He talks to Leigh Jackson about taking the company forward and continuing its impressive acquisition record.
ELTO pushes for 100% coverage
Ace has become the final major insurer to sign up to the employers’ Liability tracing Office.
Biba to take FSCS fight to the House of Commons
The British Insurance Brokers' Association, the Association of Independent Financial Advisers and the Association of British Insurers are set to discuss Financial Services Compensation Scheme levies at the House of Commons next week.
Hiscox targets political unrest for opportunities
Hiscox is looking for underwriting opportunities arising from the political unrest in the Middle East and North Africa.
IUA warns of regulatory threat to London’s competitiveness
The International Underwriting Association has revealed its fears that a revamp of the UK regulatory structure could cost London its place as a worldwide financial services hub.
Insurers urged to join ELTO following FSA regulations
The Employers’ Liability Tracing Office has urged insures to sign up as members to the body in the face of new Financial Services Authority regulation.
News analysis - regulation: Questions over reform
The latest consultation paper over regulation reform has left many questions unanswered. Amy Ellis talks to industry figures to find out more.
Solvency II - Equivalence: The cost of regulation to cross-border trading
The regulatory costs associated with cross-border trading have long been a burden on international insurers, but things may be improving explains Nick Lowe.
Fees hike will trigger job losses, Biba warns
The British Insurance Brokers’ Association has called for its members to write to their MPs regarding the escalating costs of Financial Services Compensation Scheme fees.
Lloyd's welcomes regulatory clarity
Lloyd's has welcomed clarity on the future of its regulatory structure following publication of a government report today.