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.
The Annual Funding Requirement for 2011/12 is £500.5m, up from £454.7m in 2010/11, with the FSA claiming that the large firms will bear the brunt of the increase.
The 10% increase will help cover the
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