What are the big stories hitting the headlines this week?
FSA chairman Lord Turner has warned that the incoming Financial Conduct Authority (FCA) cannot inspect or directly supervise most of the 25,000 firms under its remit without extra funding. There needs to be a debate about the trade-off between more intense supervision and higher regulatory cost, Turner said in his annual Mansion House speech, adding that this discussion should embrace proposals for 100% redress to customers.
The Metropolitan Police seized 558 vehicles and made a total of 76 arrests during a day-long crackdown on uninsured driving across London last week. The Motor Insurers’ Bureau (MIB) logged a record 1,158 calls to their dedicated police helpline during the operation.
loyd’s insurer Omega has named Bermudan investment firm Haverford as its favoured bidder over rival suitors Canopius and Barbican, following a consultation with shareholders.
After a breakthrough in bondholder talks, Quinn Insurance will cease trading under its current name from 4 November and rebrand as Liberty Direct from 7 November.