Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 22nd of February 2018
June 14, 2011

FSA on “uncertainty” of Solvency II timeline

by Gill Montia

Story link: FSA on “uncertainty” of Solvency II timeline

In its 2010/11 Annual Report, published yesterday, the Financial Services Authority (FSA) comments that delays to the timeline for Solvency II have affected its own consultation process and shortened the window for implementation.

As a result, the regulator is looking for ways to manage the “uncertainty”, while continuing to contribute to the development of the Directive.

The Authority expects to publish its first consultation paper later this year and will review the European policy timelines regularly.

To deliver Solvency II, the FSA says it continues to increase its resources, with recruitment ongoing to provide the skills and processes needed.

Last month, KPMG warned that delays to the finalisation of Omnibus 2 are impacting the Solvency II timeline, increasing fears that neither insurers nor regulators will be fully prepared for implementation on 1st January 2013.

 

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