Financial Services Authority (FSA)
Brokers warned about potential for commission fee mis-selling scandal
Brokers could find themselves at the sharp end of the next mis-selling scandal owing to commission and administration fees distorting their recommendations, according to one industry entrepreneur.
XN Financial gets FSA green light for UK
Florida firm XN Holdings has secured Financial Services Authority approval for its UK subsidiary XN Financial Services to write insurance in the UK.
Mitsui hit with £3.5m FSA fine
The Financial Services Authority has fined Mitsui Sumitomo Insurance Company (Europe) £3.5m for serious corporate governance failings, and imposed a ban and fine of £119 303 on its former executive chairman, Yohichi Kumagai.
Redomiciling: London calling as tax changes make the UK more attractive
Will a reduction in corporation tax and changes to the Controlled Foreign Companies regime make the UK a more attractive place to domicile?
Interview: Andrew Torrance - Playing the long game
With more than a decade at Allianz, and more than 20 years in the industry, chief executive Andrew Torrance reflects on the past and looks to the future.
EU law takes a hold on the UK motor insurance market
The conflict between EU law and individual country laws can be confusing for companies that operate in member states. David Holt discusses the increasing influence of EU law on the UK motor insurance market and the Directives that seek to clarify the…
View from the Top: Waiting for the next bus?
Core skills and expertise lead to success not waiting, says David Smith.
Private equity: a new wave of investment
A new wave of private equity investment is entering the insurance market on the back of tougher bank lending terms. But is it here to stay?
Talking point: unlimited damages for late settlement of claims
The Law Commission's review of insurance contract law has proposed the introduction of unlimited damages for late settlement of claims. But what does the industry think?
Regulation: The dangers of duplication as the FSA splits into two
The Financial Services Authority has mimicked the forthcoming twin peak regulation model ahead of its implementation in 2013, but will it prepare the industry for change?
Post magazine - 12 April 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Industry unveils older driver initiative as Direct Line follows LV's age limit stance
The decision by LV to scrap its age limit of 86 for new car insurance customers has struck a chord with industry bodies behind the launch of a new signposting model, yet market rivals appear largely unconvinced.
FSA conducted over 20 police dawn raids in 2011
The Financial Services Authority conducted over 20 police dawn raids in 2011, according to data obtained by law firm Reynolds Porter Chamberlain.
Handling customer complaints
In an online exclusive, CMS Cameron McKenna partner Alison McHaffie outlines best practice for insurance firms dealing with complaints from customers.
Regulation response: Twin peaks - a return to the dark ages?
Nature does not favour creatures with two heads, probably because they spend most of their time arguing with themselves.
View from the top: FSA supervision strategy does not reflect risk of client detriment
As chairman of the Chartered Insurance Institute’s broking faculty, I recently had the pleasure of visiting the Financial Services Authority to hear about the impending changes to our regulatory world and it was a fascinating insight into what’s going on…
Direct Line vows to improve amid soaring industry complaints
Direct Line Group has promised to build on the momentum it created in cutting customer complaints by 16% in the second half of 2011, despite FSA figures showing a 49% rise in the number of general insurance grievances.
ISE 2012: UK regulator’s emphasis on board role in risk management could attract “wrong” sort of execs
Following the bank crisis the Financial Services Authority in the UK has focused more closely on the board’s role in risk management in a move which could be bad for non-executive directors according to a legal expert.
Lloyd's delays Solvency II request to FSA
Lloyd's has delayed applying to the FSA for approval of the market's internal model from April to July.
Application fraud: prevention is better than cure
The industry is beginning to tackle fraud at the application stage, effectively stopping fraud from taking place before a claim can be lodged
Editor's comment: Sants move raises FSA transition concerns
Having been convinced by the Conservative-Liberal coalition to withdraw his resignation and extend his stay once before, the Financial Services Authority chief executive officer Hector Sants' decision to step down in the summer was something of a…
Mondial Assistance to sell cover through travel club
Travel insurer Mondial Assistance UK has secured a new contract with luxury travel club Voyage Privé to administer the sale of single trip travel insurance policies.
CEO of UK regulator to step down in June
Hector Sants, chief executive of the UK Financial Services Authority, has announced his intention to leave the organisation at the end of June 2012.
Lawyers respond to Sants' exit from the FSA
Mathew Rutter, regulatory partner at DAC Beachcroft, said that Hector Sants' departure from the Financial Services Authority at the end of June could not come "at a worse time" for regulated firms.