US financial reforms stumble in Senate

The US Senate

The most sweeping overhaul of US financial services rules since the Great Depression stumbled in the Senate on Monday as Republicans united to prevent action on the bill.

Needing 60 votes in the 100-seat Senate to begin debate on the bill, Democrats fell three votes short according to newswire Reuters.

The setback is not permanent. Both parties said they are close to

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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