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.
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.
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.
The Financial Conduct Authority and the Prudential Regulation Authority have requested a 15% increase in their annual funding requirement for 2013/14.
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.
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.
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.
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.
Changes to the Financial Services Compensation Scheme ahead of the introduction of twin peak regulation have angered brokers, but should insurers be held more accountable?
Survey peddlers should be off the Valentine’s card list as they predict doom and gloom
The switch from the Financial Services Authority to the Prudential Regulation Authority and the Financial Conduct Authority could prove tricky — especially with Solvency II on the horizon.
The British Insurance Brokers' Association has condemned plans to revise the funding structure of the Financial Services Compensation Scheme, arguing that the charges faced by insurance brokers remain "unacceptably high".
The Financial Services Authority can request a 'skilled person report' at any time, on any matter. What can insurers do to ensure that their corporate governance is in the best shape?
City law firm Cameron McKenna has commended the Financial Services Authority for adapting its implementation timeline for Solvency II.
Two documents outlining the Prudential Regulation Authority's approach to supervision when it is established in April 2013 have been presented today to stakeholders.
British Insurance Brokers' Association chief executive Eric Galbraith, pictured, has called for "more appropriate" regulation, and offered to "help point the gun" at problem areas to support the FCA's efforts to stamp out product mis-selling.
The Financial Services Authority's deeper scrutiny of new business plans means that start-ups face record waiting times for regulatory approval, according to City law firm Reynolds Porter Chamberlain.
What will the expected aggressive stance from the Prudential Regulation Authority mean for the future of add-on sales?
Managing general agents face being liable to bail out failed independent financial advisers or mortgage intermediaries that exceed the upper threshold of the Financial Services Compensation Scheme levy under new proposals.
The insurance market has been warned that there is a "danger" of regulation being rushed through, as a number of unanswered questions remain in the run up to new financial regulation next year.
More information is needed on how the UK's two new insurance regulators are going to cooperate and ensure fair treatment for companies, a new International Underwriting Association market group has stated.
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Nature does not favour creatures with two heads, probably because they spend most of their time arguing with themselves.
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…