Financial Services Authority (FSA)
Regulatory convergence not necessarily 'better' for insurance industry
Attempts to harmonise global insurance regulations are “more aspirational than realistic”, according to DLA Piper’s Bill Marcoux.
FCA unveils three chairmen for practitioner panels
The Financial Conduct Authority has appointed three chairmen to lead the independent panels which will dictate the new regulator’s policies and practice from the point of view of regulated firms.
Industry expresses surprise as FSA probes use of private investigators
The Financial Services Authority has launched an investigation into insurance firms’ use of private investigators after becoming suspicious they are being deployed as a “tactical tool” to slash valid claims payments.
FSA to ask for disclosure of claims data
The Financial Services Authority has published a discussion paper into transparency and effective disclosure as tools to improve accountability and build consumers’ trust.
FSA to review insurers’ use of private investigators
The Financial Services Authority has confirmed it has started a review into the use of private investigators by insurance firms.
Guernsey regulator recruits Central Bank of Ireland risk boss
Guernsey’s financial services regulator has swooped for its new director general, recruiting the Central Bank of Ireland’s head of risk.
Analysts cast doubt on Co-op’s ability to sell off general insurance business
The Co-operative Bank may struggle to offload its general insurance business as part of a bid to make up a capital shortfall that is expected to result from a market-wide investigation of banks by the Financial Services Authority.
News review: British insurance staff could lose jobs
Staff at mortgage payment protection insurance provider British Insurance has been put on redundancy notice by the firm's parent company Towergate Insurance.
FSCS: Off the hook
Changes to the Financial Services Compensation Scheme ahead of the introduction of twin peak regulation have angered brokers, but should insurers be held more accountable?
Singapore looks to remove contract uncertainty
As the London reinsurance market discovered in the last decade, contract certainty sounds simple, but isn’t. Andrew Tjaardstra finds out the latest developments as Singapore edges closer to becoming the first Asian reinsurance market to introduce…
Motor repairs: In need of repair
A recent investigation by Channel 4’s Dispatches slammed the motor insurance industry for its approach to repairs. Can the sector come back from the criticism?
Bailey named Prudential Regulation Authority CEO
Andrew Bailey has been named deputy governor for the Bank of England, which will also make him chief executive of the Prudential Regulation Authority.
Lloyds Banking Group fined £4.3m for delayed PPI payments
The Financial Services Authority has fined three Lloyds Banking Group firms £4 315 000 after failings in their systems delayed the payment of mis-sold payment protection insurance to up to 140 000 customers.
View from the Top: Where is the love?
Survey peddlers should be off the Valentine’s card list as they predict doom and gloom
FSP to consult on voluntary standards
The Financial Skills Partnership will consult the financial services industry on a range of voluntary standards as part of its Leadership 21st Century initiative.
Smaller brokers have nothing to fear from Financial Conduct Authority
An ageing workforce rather than more stringent regulation is likely to drive consolidation of smaller brokers in the year ahead, according to market experts.
Regulation: Staggering Along
The switch from the Financial Services Authority to the Prudential Regulation Authority and the Financial Conduct Authority could prove tricky — especially with Solvency II on the horizon.
Jubilee salutes regulators’ PPI guidance
RSG-owned Lloyd’s managing agent Jubilee has welcomed “badly needed” guidance from the Financial Services Authority and the Office of Fair Trading.
Cuna targeting loan protection after debt waiver gets regulatory green light
Financial services insurer Cuna Mutual is to launch a new debt waiver product after the products were given approval by the Financial Services Authority and the Office of Fair Trading.
Regulators issue guidance to avoid another PPI scandal
The UK Financial Services Authority and the Office of Fair Trading have jointly published guidance to help design a new generation of payment protection insurance products.
Insurers argue FSCS funding structure to pay into broker pool is 'unreasonable'
The British Insurance Brokers' Association has condemned plans to revise the funding structure of the Financial Services Compensation Scheme, arguing that the charges faced by insurance brokers remain "unacceptably high".
Corporate governance: Skilled assessment
The Financial Services Authority can request a 'skilled person report' at any time, on any matter. What can insurers do to ensure that their corporate governance is in the best shape?
Post magazine - 24 January 2013
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Two new non-executive directors join FSCS board
The Financial Services Authority has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme.