Financial Services Authority (FSA)
UK brokers call for FSA talks – Insurance News Now – 2 February 2011
Post reporter Amy Ellis outlines this week’s major general insurance stories, including how some UK brokers are calling for a meeting with the FSA to discuss concerns over the increasing level of intervention in compliance issues by the regulator.
CMS warns of cost of “twin peak regulation”
Law firm CMS Cameron McKenna has claimed that insurance companies will be hit hard by the Financial Services Authority’s Annual Funding Requirement due to the cost of the change in regulator.
Insurers facing FSA SII levy increase
The Financial Services Authority has revealed plans to increase its levy for the implementation for Solvency II from £29m to £46.4m.
Interview – Robert Hiscox: Opinions of the insurance industry
Robert Hiscox is never one to hold his tongue. When Daniel Dunkley met him to talk about current market conditions, he was as forthright as expected on the FSA, ABI, government policy and price-matching practices.
PPI judicial review starts in High Court
A judicial review began in the High Court today after the British Bankers Association challenged the Financial Services Authority over its retrospective application of rules for dealing with payment protection insurance complaints.
CMS Cameron McKenna: FSA discussion paper “poorly argued”
Simon Morris, partner of law firm CMS Cameron McKenna, has criticised the FSA’s discussion paper on Consumer Protection, calling it “an ill thought-out and poorly argued paper".
ABI responds to FSA product intervention paper
The Association of British Insurers has responded to the discussion paper published by the Financial Services Authority.
FSA launches consultation on product intervention
The Financial Services Authority has published a discussion paper about how the FSA, and the proposed Consumer Protection and Markets Authority should pursue the objective of consumer protection and specifically the issue of product intervention.
Aspen seals second underwriting deal
Managing general agent Aspen Risk Management has unveiled plans to open new offices in the North of England and Scotland during 2011.
Scottish courts see tenfold rise in pleural plaque cases – Insurance News Now – 20 January 2011
Post news editor Mairi MacDonald outlines the main news from this week's issue of Post, which includes a claim from law firm Brodies that new pleural plaques cases brought in front of the Scottish courts increased almost tenfold last year.
Putin pledges to battle FSA over Alfa Bank
Russian prime minister Vladimir Putin has pledged to help private Russian bank Alfa in its dispute with the Financial Services Authority, according to reports in the Russian media.
Putin pledges to battle FSA over Alfa Bank
Russian prime minister Vladimir Putin has pledged to help private Russian bank Alfa in its dispute with the Financial Services Authority, according to reports in the Russian media.
Director fined for ignoring fraud attempt
A former director of Surety Guarantee Consultants has been fined £25 000, after the Financial Service Authority found he had "turned a blind eye" to some colleagues' efforts to defraud two London market insurers out of more than £2m.
Eiopa unveils new management board
The European Insurance and Occupational Pensions Authority has announced its newly elected management board and acting chairperson.
FSA fines and bans director £25 000 for part in £2m London market fraud
The Financial Services Authority has fined Barry Williams £25 000 and banned him from working in regulated financial services for his part in a scheme that defrauded leading London market insurers of more than £2m.
Former Xbridge boss Deacon plots online return with Primary
The former boss of online commercial insurance broker Xbridge Tony Deacon is poised to return to the market with a similar venture, after his new business received the regulatory green light just before Christmas.
Broking focus - Bribery Act: On the right side of the law
London market brokers transacting across international boundaries need to revisit their risk and compliance provision in the face of draconian new UK bribery legislation, reports Ralph Savage.
New FSA regime may boost D&O/PI take-up
The Financial Services Authority's tough enforcement stance could lead to an increase in demand for certain commercial insurance products, Reynolds Porter Chamberlain partner Jonathan Davies has claimed.
Devitt eyes renewed affinity push after MBO from RBSI
Motorcycle broking specialist Devitt has targeted a return to the broader affinity market following its management buyout from Royal Bank of Scotland Insurance.
FSCS launches consumer confidence programme
The Financial Services Compensation Scheme has unveiled a new programme to boost consumer confidence in financial services products.
FSA fines hit record high
The Financial Services Authority handed down a record-breaking £88.4m in fines in 2010 (to 20 December).
Post Europe: View from the Top: When is equality not equality?
At a time when the global economy is still in a fragile state of recovery, we increasingly find ourselves beset by challenges of both a political and regulatory nature.
Lloyd’s & London market – review of the year: Troubled times
A succession of natural catastrophes got 2010 off to a bad start and the market continued to struggle - but the resolution of Brit’s future and the prospect of consolidation could see the year end on a high. Mairi Macdonald reports.