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
Axa Partners hit with FCA limitations
Following the Which? super complaint, the Financial Conduct Authority has told Axa Partners UK it cannot grow its current customer base without written permission from the regulator.
FCA partly rebuffs Which? but widens insurance crackdown
The Financial Conduct Authority has pushed back against parts of Which?’s super complaint about home and travel insurance, but accepted there are clear weaknesses in the market that require further regulatory action.
Motor Insurance Taskforce report proves providers call the shots
Deputy Editor’s View: Scott McGee observes the Labour government’s motor insurance taskforce report felt more like a victory for industry lobbying than for politicians or drivers.
FCA tries to clarify bullying and harassment standards for insurers
The Financial Conduct Authority has issued final guidance setting out how insurers must address bullying, harassment and violence, after 95% of consultation respondents called for further clarification.
Government admits motor taskforce suggestions ‘unlikely to reduce premiums’
The findings of the government’s Motor Insurance Taskforce have been published today (10 December), outlining its suggestions on how to bring motor premiums down.
FCA trims insurance rules but pace criticised by market
The Financial Conduct Authority today (9 December) confirmed plans to simplify its insurance rules, but industry reaction suggests the changes don’t go far or fast enough.
ABI says Which?’s complaint evidence ‘doesn’t reflect reality’
Trade Voice: Chris Bose, director of general insurance and international at the Association of British Insurers, responds to concerns raised by Which? and sets out why practical, proportionate reforms are essential to strengthen trust in the market.
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.