Regulation – Page 231
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News
More pressure over corporation tax
Pressure is set to mount on the government to lower the level of corporation tax even further despite promises to enhance the UK's competitiveness.City leaders and prime minister-in-waiting, Gordon Brown, have pledged to improve the capital's attractiveness by introducing new measures, including a dedicated London insurance university.But the proposals, which ...
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Supplements
Introduction
Brokers graduating from the class of 2007 and beyond are in a strong position, accumulating knowledge and expertise unknown to previous generations. This has taken on a new, and fundamentally important dimension thanks to a joint initiative between Biba, the CII and AXA, with the launch of the Broker Academy.This ...
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Features
Making brokers' voices heard
Brokers are feeling more and more frustrated with the FSA over ICOB regulation and unlevel playing field it will create James Sullivan reports on Biba's response
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Features
Polluters to pay but what is the cost for insurers?
With the soon to be enacted EU Environmental Liability Directive, restoration becomes the new compensation says John Hancock
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Features
Same duty different focus
Roger Flaxman asks what is different about the broker's ordinary duty of care in light of FSA regulation
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Features
Looking for a knock-out
The long running saga of whether travel agents should be regulated for selling travel insurance is about to be decided. Anita Anandarajah explains the issues
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Biba launches UK valuations scheme
Biba partners Cunningham Lindsey in valuation scheme for members
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ACE settles another contingent commission charge
ACE has reached a $9m settlement with the Attorney General for the State of Pennsylvania over underwriting practices...
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Govt to spend more on flood resilience measures
The government is set to announced today a £500,000 funding package to help make flood vulnerable homes more resilient against flooding...
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Attorney general announces national anti-fraud strategy
Lord Goldsmith said the government was planning to establish a National Fraud Research Centre...
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KPMG survey on FSA's principles-based regulations
Initial results of a KPMG report on insurers' attitudes towards the FSA's more principles-based regulation (MPBR) initiative revealed that firms believe that MPBR will reduce their regulatory burden (67%) and result in operational and cost efficiencies (56%). However, nearly half the insurers surveyed were concerned that MPBR will lead ...
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Brokers may need authorisation, warns DAS
Brokers who refer personal injury claims to local solicitors must now be authorised by the Ministry of Justice (formerly the Department of Constitutional Affairs), according to DAS. From 23 April it became an offence to offer claims management services without prior authorisation, exemption or waiver. Those found operating without ...
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New measures to enhance London's global competitiveness
The Chancellor of the Exchequer, Gordon Brown, and the City Minister, Ed Balls, met yesterday with members of the High-Level Group on Financial Services to discuss new measures to enhance the global competitiveness of London and the UK-based financial sector. The group considered a number of proposals including plans to ...
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News
IASB proposals may lure investors
New accounting proposals, designed to clarify insurance financial reports, may result in more investment into the industry, experts said. The proposals, put forward by the International Account-ing Standards Board (IASB), aim to improve the quality, transparency and comparability of financial reporting in the insurance industry.Alex Finn, a partner at PricewaterhouseCoopers ...
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News
FSA warns Scottish brokers over trusts
FSA urges brokers to take legal advise over legality of non-statutory trust accounts
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Product recall threat to wine sales
Aon's soon-to-be released report entitled ‘Vine to Wine' underscores the growing importance for businesses to take up product recall insurance.
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FSA must hit hard to ensure TCF standards
Which? magazine has urged the Financial Services Authority to come down hard on those companies failing to implement adequate Treating Customers Fairly provisions, following the release of the FSA's report into the progress made by financial companies in implementing processes for TCF. Dominic Lindley, personal finance campaigner, Which?, said: “The ...
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Fraud costing insurers £1.6bn per year, says ABI
Insurance companies are being hit by up to £4m per day as a result of fraudulent claims, according to the latest research conducted by the Association of British Insurers. The ABI study reveals that fraud is costing the insurance industry a massive £1.6bn per year, resulting in an increase of ...
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Biba welcomes TCF report from FSA
Biba has welcomed the FSA's report published today which shows that many firms have made good progress with their treating customers fairly programmes. The FSA had set firms the target of having at least reached the implementation stage of their TCF work in a substantial part of their business by ...
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FSA sets further deadline for TCF
The FSA has reported an increase in commitment by senior management to the principle of Treating Customers Fairly but warned firms who have failed to engage that they face tough action...
