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The Financial Conduct Authority and Prudential Regulatory Authority - created to succeed the Financial Services Authority - spent £664m in 2013-14, according to a report from the National Audit Office. The increase was attributed to additional front‑line staff, additional costs to replace information technology and new IT, support and premises costs, with commentators suggesting the FCA should move outside London and provide greater transparency on the consumer interests behind market investigations.
In other news, doubts are growing over whether the possible introduction of minimum rating criteria for UK solicitors’ professional indemnity insurance will attract insurers back to the class, despite surveyors’ and accountants’ PII providers being targeted as the first port of call; insurers’ share prices plummet following Chancellor George Osborne's annuity vow in his 2014 Budget, with market watchers pointing to the removal of the compulsory purchase of annuities as a potential fillip for general insurance players; and compliance experts warn that brokers risk regulatory fines due to a 'misunderstanding' of the Bribery Act, following penalties for Besso, JLT and Aon.
Chubb Specialty Insurance's Neil McCarthy is in the C-Suite, talking about how kidnap and ransom insurance is continually having to adapt. This is because criminals are devising ever more sophisticated ways to extort money from victims - such as ‘virtual’ kidnapping, which is growing due to the widespread use of mobile phones and criminals willing to prey on parents who fear their children may have been abducted.
In North of the Border, Simpson & Marwick associate Debbie Connor details the rise of fatal accident claim awards, while Trade Voice sees Chartered Institute of Loss Adjusters executive director Malcolm Hyde championing an opportunity for loss adjusters to prove themselves following the recent floods.
The countdown to the 20th British Insurance Awards continues with a Q&A involving two past Young Achievers. Phil Cunningham and Nichola Williams talk about how their careers have progressed since winning their awards.
Mid-corporate risks provides the subject for this week's In Series, with brokers and insurers warned to provide a united front if they want to take full advantage of a new avenue of risk management.
This edition's features include Francesca Nyman investigating the risks involved in insuring remote piloted aircraft systems - better known as drones - while David Worsfold argues that plans for insurers to invest in infrastructure projects are being hampered by Solvency II.
Enjoy the read!
- Gable had 60,000 UK policyholders when it collapsed
- Video: Insurers and claimant lawyers react to whiplash reform
- Business interruption to fall under terrorism cover
- Analysis: Passing up on passporting
- Over half of Lloyd’s MGAs have under resourced teams
- Smart Driver Club in talks with insurers to increase capacity
- Sabre delivers COR of 68.5% following IPO