The British Insurance Brokers’ Association (BIBA) is arguing that the regulatory burden imposed on the UK insurance broking sector is a greater competitive disadvantage than the amount of corporation tax it pays. Research from BIBA claims the current regime is “disproportionate and inappropriate” with costs for brokers in the UK currently three times higher than [...]
The Financial Services Authority (FSA) will be adopting a two-tier approach to assessing insurers’ new capital models under Solvency II, The Financial Times has reported. According to the newspaper, the FSA’s head of insurance, Julian Adams, told an industry conference on Monday that the regulator will be focusing on larger insurers as resources will be [...]
New research from the Association of British Insurers (ABI) indicates that over a half of Britons may not be prepared to pay for financial advice. Furthermore, a third of people questioned think such advice would be worth less than £300, although full advice currently costs £670, on average. While the ABI says it is behind [...]
The European Insurance and Occupational Pensions Authority (EIOPA) has launched its second Europe-wide stress test for the insurance sector. The test, which is being conducted in cooperation with the respective national supervisory authorities, is being carried out between 23rd March and the end of May, based on 2010 financial results. It will include a minimum [...]
In its 2011/12 business plan, published yesterday, the Financial Services Authority (FSA) says it will be following up on proposals to strengthen the effectiveness of its with-profits regime. In particular, the regulator will consult further in 2011 on policyholder communications, having identified “significant weaknesses” in the quality of consumer communications. The FSA states: “We do [...]
The risks faced by the UK’s insurance industry have been highlighted in the first Prudential Risk Outlook (PRO) to be published by the Financial Services Authority (FSA). The regulator says that UK life insurers continue to face a number of medium to long-term pressures on profitability, explaining: “In particular, while new business flows are reportedly [...]
The Financial Services Authority (FSA) has published its first Retail Conduct Risk Outlook (RCRO), which examines how a range of current, emerging and potential risks could impact customers. As a key component in the regulator’s consumer protection strategy, the RCRO report seeks to identify current and upcoming risks by analysing the environment in which the [...]
The British Insurance Brokers’ Association (BIBA) is calling on the Financial Services Authority (FSA) to accelerate its fundamental review of the Financial Services Compensation Scheme (FSCS). The Association’s chief executive, Eric Galbraith, is clearly alarmed by recent comments from the FSA which suggest the review might not be as high a priority for the regulator [...]
The Financial Services Authority (FSA) has confirmed that retail investment advisers will need to hold a Statement of Professional Standing (SPS) if they want to give independent or restricted advice after January 2013. The statement will provide evidence that the adviser subscribes to a code of ethics, is qualified, and has kept their knowledge up [...]
The Financial Services Authority (FSA) and the Financial Reporting Council (FRC) are enhancing their level of co-operation and information sharing, having today signed a new Memorandum of Understanding on accounting and disclosure issues. The move should enable the regulators to improve their oversight of the audits of authorised firms, particularly as the FRC’s Audit Inspection [...]
