Regulation
Editor's comment: A bitter pill to swallow
While some things are well worth waiting for, others – as the Competition and Markets Authority’s final report into the private motor market demonstrated this week – really are not.
Interview: Mike Brown: Taking a moment
As senior partner at BLM, Mike Brown is overseeing his firm through a period of incredible change for the legal sector – although some of the changes don’t sit too comfortably with him
Insurance chiefs to be held 'more clearly accountable' under BoE plans
The heads of insurers will be held “more clearly accountable” as part of a new standards regime planned by the Bank of England.
FCA blocks ‘uncooperative’ EPLS Risk Solutions
The Financial Conduct Authority has removed permissions for London-based broker EPLS Risk Solutions over failures to file figures to February 2014.
PIs slam ABI calls for regulation exclusion for in‑house investigators
Updated ABI member guidelines say FCA adherence negates need for regulation
Editor's comment: A taxing sting in the tail
As Benjamin Franklin said, only two things in life are certain: death and taxes. But the latest tax decision to come from the European Court of Justice has a particularly nasty sting in the tail for the UK insurance industry.
Ex Biba exec Foulsham appointed as REG advisor
Steve Foulsham, former head of technical services at the British Insurance Brokers’ Association has joined Regulatory Efficiency gains as an advisor.
Volatility adjustment approval process could disadvantage UK firms
Proposals to make the Solvency II volatility adjustment subject to pre-approval by the Prudential Regulation Authority could put UK firms at a competitive disadvantage, according to EY’s head of insurance regulation and risk Martin Bradley.
Editor's comment: Pitching to the politicians
Later this month the major political parties will hold their final conferences before the 2015 general election — providing a critical opportunity for the insurance industry to influence policy making and politics before manifestos are locked down.
Conservative peer awarded top EC finance brief
Conservative peer Jonathan Hill, a former PR man and education minister, has been appointed as the new European commissioner for financial stability and regulation.
PWC swoops for KPMG tax specialist
PWC has hired tax specialist Daniel Dzenkowski from rival consultancy firm KPMG.
Solvency II capital requirements prove too onerous for Gibraltar‑based firms
Smaller motor insurers line up to leave market as EU capital‑raising measures loom
North of the border: A shift in Scottish solicitor regulation
The Law Society of Scotland has launched two consultations on significant changes to the regulation of solicitors in Scotland.
Scottish independence: Yes or no?
With the Scottish independence referendum just days away, brokers across the UK disclose the outcome they’re hoping for and predict what the vote could mean for broking businesses
Claims Club News: FCA putting spotlight on commercial cover
The Financial Conduct Authority is likely to raise the stakes on insurers by increasing scrutiny on whether the products customers buy are fit for purpose, amid a “philosophical shift” by the regulator.
PRA recruits Prudential's chief actuary for board slot
The Prudential Regulatory Authority has appointed an outgoing Prudential executive director to serve as an independent member of its board from May next year.
Editor's comment: Decision time for Scotland
There are just two weeks to go until Scotland makes a huge decision. Does it remain part of the UK and benefit from the security and opportunity the ‘Better Together’ campaign claims it gains, or does it forge its own path and break free with…
2.5m PPI complaints set for re-assessment
More than 2.5m complaints relating to payment protection cover will be re-assessed by banks, credit card providers and loan companies following a request from the Financial Conduct Authority.
Aon launches simplified Solvency II calculation tool
Aon’s risk management business has developed a new tool to simplify the calculation of capital totals under Solvency II.
Video: Allianz Commercial general manager Simon McGinn (Part Two)
In the second of two videos Allianz Commercial general manager, Simon McGinn discusses how his business plans to connect with brokers to help it achieve its objectives, and what concerns he has over renewed levels of consolidation among intermediaries.
Bank of England insurance director Adams heads to Pru
The Bank of England’s executive director of insurance supervision has been recruited by Prudential, where he will serve as group regulatory director.
Indian Insurance Bill caught in parliamentary disagreements
The long awaited reforms to open up India's insurance industry to more foreign capital have yet again been held up.
