The stories making waves this week
The Treasury has unveiled its final proposals for financial services regulation. The draft bill, outlining the government’s replacement plans for the FSA, says the Prudential Regulation Authority will have a statutory objective for insurance, recognising that the sector needs a different supervisory framework to the banks.
The Court of Appeal has nipped in the bud a potential “avalanche” of professional negligence claims against surveyors by disgruntled buy-to-let investors. In a landmark test case, the court decided surveyor Andrew Collins did not owe a duty of care to landlord Emmett Scullion over the valuation of his buy-to-let property.
The insurance industry faces a “golden age” of opportunity thanks to the growth of the middle classes in the BRIC (Brazil, Russia, India and China) economies, according to Willis chairman and chief executive Joe Plumeri.
Aviva confirmed that banker John McFarlane will replace Lord Sharman of Redlynch as the company’s chairman. The former ANZ Bank chief executive takes over as chairman in June next year.