News review 14 - 20 September 2011
A review of news stories which broke between 14 and 20 September 2011.
Warning over FSA permission times
City law firm Reynolds Porter Chamberlain has warned the Financial Services Authority is taking 10% longer to grant firms permission to expand their businesses than in
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More on Regulation
Regulators outline plans to grow UK mutuals sector
A package of measures aimed at accelerating the growth of the UK’s mutuals sector has been unveiled by the Financial Conduct Authority and Prudential Regulation Authority.
FCA mandates vulnerable customer complaint reporting
The Financial Conduct Authority has introduced the requirement for firms to report complaints involving customers in vulnerable circumstances.
ESG that stands up in tougher times
At a recent Insurance Post roundtable in partnership with CRIF, leading insurers and ESG specialists explored how the industry is translating sustainability goals into measurable progress – and what it will take to keep that momentum in tougher times.
FCA proposes ESG ratings overhaul worth £500m
The Financial Conduct Authority has published a consultation for environmental, social and governance ratings, which is estimated to deliver £500m in net benefits over the next decade.
Hidden risks in insurers’ culture and misconduct data
Insurers are under growing regulatory pressure to treat non-financial misconduct as a core conduct risk, according to Loka Venkatramana from Pathlight Associates, who says they should use cultural and behavioural data with the same rigour as financial metrics to identify and address problems before they damage customers, staff or the market.
Why Which? submitted an insurance super-complaint
Rocio Concha, director of policy and advocacy at Which?, explains why the consumer watchdog launched an insurance super-complaint in response to persistent failures in claims handling and inadequate regulatory action and argues the system meant to protect customers urgently needs reform.
FCA’s Sheldon Mills to exit regulator
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, is set to leave the City watchdog.
ABI urges MPs to hardwire insurance into national resilience
The government must embed insurers at the heart of national resilience planning and involve the sector at the earliest stage of major policy decisions, Association of British Insurers director general Hannah Gurga told industry leaders.