Financial Services Authority (FSA)
Motor Insurance: The road to profit
Could recent legislation provide the turning point motor insurers need to drive them into long-awaited profitability, or are tough times set to continue?
Brokers selling add-ons contacted by FCA as regulator begins crackdown
Signs the Financial Conduct Authority’s scrutiny of insurance add-ons is underway have been witnessed by brokers that have already been contacted by the regulator.
View from the Top: You can’t keep a good broker down
With the British Insurance Brokers’ Association conference taking place this week it seems appropriate to consider the sheer resilience of the independent broking sector in the UK market.
Broking Supplement: Taking heads - Matters of opinion
The last 12 months have been busy for the broking sector with a new regulatory regime, the continuing financial crisis and the battle against the current Financial Services Compensation Scheme all occupying the minds of intermediaries. Post caught up…
Regulation: A heavy crown
The downfall of the Financial Services Authority was met with resounding support. However, as its successors take over sceptics ask whether the twin peak model might create more discontent in the industry.
Solvency II: worth the wait?
After many delays, Solvency II implementation is still far from certain. While some insurers have grown disillusioned by the process, others remain keen to see the directive’s benefits come to fruition.
Insurers miss opportunity to voice opinions on EU consultation on PPOs
The UK’s general insurance sector has failed to engage with a consultation on setting Solvency II liability rules, despite a European Union recommendation that 20% of the sector should contribute for the study to be credible.
FCA and PRA require 15% extra funding for 2013/14
The Financial Conduct Authority and the Prudential Regulation Authority have requested a 15% increase in their annual funding requirement for 2013/14.
‘Worrying trend’ for over-regulation making UK market less competitive
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
Your Say: Stop harassing injured victims
The proposal by Dominic Clayden [claims director at Aviva] to require non-fault victims to contact the at-fault insurer to give them the chance to deal with repair, mobility and personal injury issues makes third-party capture – which the Financial…
New regulator reveals 12-strong board
The 12 new members of the Financial Conduct Authority board have been named ahead of the new twin-peak regulatory system taking over from the Financial Services Authority on 1 April.
Fellow mutuals deny interest in Co-op GI arm as Truell bid rumoured
Mutual insurers LV and NFU Mutual have ruled themselves out of competing for The Co-operative’s general insurance business, which is understood to have caught the attention of a group of financiers.
FCA business model met with trepidation in insurance industry
Fears have been voiced by the insurance industry that the new regulators will intrude too much into the commercial sphere and that having two bodies will cause inefficiency.
Leader: Once, twice, third time’s a charm?
The idea of regulation is not new for the insurance industry. In November 1998, a government statement concluded that statutory regulation was not suitable for the general insurance market.
Your say: Don’t tar all fraud staff with the same brush
I applaud the Financial Services Authority’s interest in how insurers use private investigators.
Your say: Investigators aren’t the villains
I find the Financial Services Authority’s thematic review into the insurer-investigator relationship a curious exercise.
FSA fines Prudential £30m and censures CEO over AIA deal
The Financial Service Authority is set to fine Prudential £30m and censure its chief executive Tidjane Thiam, for failing to report the AIA acquisition plans to the regulator.
ABI welcomes opportunity to reshape regulator-industry relationship
The Association of British Insurers has welcomed the opportunity to reshape the relationship between the industry and its regulators as the Financial Services Authority is due to be replaced by two new regulatory bodies.
FCA will carry on FSA’s temporary product intervention rules
The Financial Conduct Authority will carry on the Financial Services Authority approach to temporary product intervention.
New regulator pledges to 'act more decisively' than FSA
The Financial Services Authority has outlined the risks that will be a priority in the next 12 months for its successor, the Financial Conduct Authority, when it takes over on 1 April.
Wheatley tells firms ‘no need to be afraid of the FCA’
Martin Wheatley, chief executive of the Financial Conduct Authority, has vowed to take a less aggressive tone than its predecessor in its dealings with regulated firms.
Editor's comment: Let us pray
Last week the Catholic Church took five votes over two days in the conclave to choose Pope Francis I to replace Pope Benedict XVI.
Is Biba’s new chief executive the White man for the job?
Improving the broking sector’s public profile, representing smaller firms and standing up to the incoming financial regulator are among the early challenges facing incoming British Insurance Brokers’ Association chief executive Steve White.
Trio handed panel roles to provide challenge to FCA policy
Three new chairmen have been appointed to the independent panels representing regulated firms which lead the process for constructive challenge of the Financial Conduct Authority’s policies and practices.