Financial Services Authority (FSA)
FSA demands 15.6% rise in its final budget
The Financial Services Authority has said it needs a 15.6% increase in funding to £578.4m, up from £500.5m in 2011/12 for its final year as a regulator.
Directors' and officers': Under the spotlight
With boardrooms coming under increasing scrutiny, the potential for expansion in the D&O market is being recognised by savvy insurers, especially in the SME space.
Arc set to rebrand
The Association of Run-Off Companies has obtained in-principle permission from the FSA and Companies House to change its name to Insurance and Reinsurance Legacy Association, subject to a forthcoming extraordinary general meeting.
Homeserve appoints group COO
Homeserve has promoted its group chief financial officer, Martin Bennett, to the new position of group chief operating officer.
Europ Assistance completes MBO
Europ Assistance Holdings has completed a management buyout to become an independent entity.
ABI director general hails finance bill as 'important milestone'
Association of British Insurers director general Otto Thoresen has described today’s publication of the Financial Services Bill as “an important milestone” in the bid to achieve twin peaks regulation.
FSA boss promises fairer deal for consumers with new regulatory approach
Financial Services Authority managing director Martin Wheatley has outlined an “orthodoxy and regulatory” approach for the future of conduct regulation – geared towards getting a fair deal for consumers.
Tawa, Skuld and Paraline complete Whittington deal
A consortium comprised of Tawa, Skuld, and Paraline Group has completed on the acquisition of Whittington Insurance Market.
EC insurance unit head explores further regulation for claims activities
More than a decade after the idea of regulating loss adjusters and other claims-related service providers was first mooted, a new European Commission proposal could see the plan resurrected, Post has learnt.
FSA issues policy warning to broker customers
The Financial Services Authority has advised Aston Midshires Insurance customers to check that the broker arranged motor insurance as expected, after receiving reports that policies were sold without details and premiums being properly registered.
RBSI “regret” findings of FSA investigation
In a statement issued in response to the news that the Financial Services Authority has fined the company £2.17m, RBS Insurance said that it was “disappointed” that it did not meet FSA standards.
Direct Line and Churchill hit with £2.17m FSA fine
The Financial Services Authority has imposed a £2.17m fine for failure by RBS owned Direct Line and Churchill to conduct their businesses with “due skill, care and diligence”.
Biba welcomes Treasury report calling for fresh regulation outlook
The British Insurance Brokers’ Association has been among the first trade bodies to welcome today’s publication of a Treasury Committee report into the Financial Conduct Authority.
Capita recruits FSA’s Greg Carter
Capita Commercial Insurance Services has recruited Greg Carter from his role regulating wholesale insurance brokers at the Financial Services Authority.
Editor's comment: Battle of the brands
From scrap yards to scrap heaps. Last week, the industry was getting agitated about the soaring problem of metal theft, while this week it’s more a sad tale of two well-known insurance names finding themselves destined only for the brand graveyard.
Claims v underwriting: Bridging the divide
While sharing the same goals, claims and underwriting are often disparate divisions. What can be done to help unify these two departments?
RSA Swedish reserving not an issue according to analyst note
There is no clear evidence of under-reserving at RSA, according to analyst Jefferies despite the fact in Scandinavian this remains inherently volatile.
Post Intelligence Benchmarking - Commercial insurers: Winners and losers
The annual Insurance 360 Business Insurers Insight Report service rankings show some steady, some on ladders - and some on snakes.
Biba members to benefit from crime requirements checking facility
Members of the British Insurance Brokers’ Association will be kept up to speed with their obligations under the Terrorism Act and the Financial Services Authority’s financial crime requirements following the association’s launch of a checking facility.
Lloyd’s censures Equity over reserves
The Enforcement Board of Lloyd’s has censured motor insurer Equity and demanded it pay £95 000 costs over its under-reserving of claims, but has spared the syndicate an expected £1m fine.
FSA approval time lengthens again
The average length of time it takes the Financial Services Authority to authorise financial services businesses has started rising again, according to data seen by City law firm Reynolds Porter Chamberlain.
FSA slaps CICA with £2.8m fine for poor customer treatment
Combined Insurance Company of America has been fined £2.8m by the Financial Services Authority after “systematic failings” across the business were identified.
FSA appoints Peter Vipond
The Financial Services Authority has appointed former ABI employee Peter Vipond as head of department, insurance division.
Swinton contacts FSA after sacking executive board
An internal document circulated among Swinton employees has stated that the broker needs “to establish the true level of profits” at the firm in the aftermath of the sacking of its executive board.