FSA recruiting?
The Financial Services Authority (FSA) will recruit upto 100 new staff to oversee insurance regulation, according to industry sources.
Last month, the FSA announced it was a …
FSA recruiting?
The Financial Services Authority (FSA) will recruit upto 100 new staff to oversee insurance regulation, according to industry sources.
Last month, the FSA announced it was actively seeking 35 new staff to help boost the number of "bodies" out in the market.
Industry sources said the Insurance Firms Division, which will be headed by ex-Lloyd's director of regulation David Gittings, will be strengthened by between 80 to 90 staff.
Speculation that over 150 staff would be employed, with one FSA supervisor for each company, was described as "impractical" and "too costly", said the source.
An FSA spokeswoman said reports that over 150 new staff would be employed was "news to us".
Scaffold nightmare
Dangerous construction trades are becoming more difficult to place, brokers have warned.
Sources told Insurance Times that trades such as scaffolding, roofing and demolition were a "nightmare" to cover.
The market is even becoming nervous about covering general builders' liability.
One broker said insurers were charging increasingly high rates for construction trades.
Another said he was given a quote that rose thousands of pounds in one week.
Haulier judgment
The Court of Appeal will hand down its judgment on the issue of Home Office fines for hauliers caught with illegal immigrants, on Friday, 22 February.
The Home Office last year appealed against a High Court ruling that its £2,000 fine for hauliers carrying stowaways into the UK be scrapped.
The appeal came after Law firm Davies Lavery won a case against the fines, on behalf of TT Club which insured a Turkish haulier, Barson. Barson's driver was fined £34,000 for carrying 17 stowaways.
