Financial Conduct Authority (FCA)
IIB turns the screw on regulator
The Institute of Insurance Brokers (IIB) has called for “fundamental regime changes” in regulation.
What will the FCA look like?
The new regulatory regime could have a very different complexion to the current watchdog, explains Terence Clark
Broker trade bodies want lower regulatory barriers
The British Insurance Brokers’ Association (Biba) and the Institute of Insurance Brokers (IIB) have called for regulatory barriers to be lowered and for the current inappropriate style and intensity of regulation to be reformed.
FSA sharpens teeth in advance of new powers of intervention
More financial services businesses are being forced to amend or withdraw advertising material following intervention by the Financial Services Authority (FSA) as it clamps down on misleading adverts, Reynolds Porter Chamberlain (RPC) has claimed.
UK firms feel FSA scrutiny puts them at a disadvantage
The Financial Services Authority’s (FSA) post-crisis clampdown may be harming the UK’s international competitiveness, according to research among senior financial services executives.
Video: What the Papers Say - latest edition
Insurance Age senior reporter Emmanuel Kenning is joined by colleague Liz McMahon and director of Spotlight Communications, Lesley Russell to discuss the top insurance stories.
FSA chief claims radical approach needed to force change
The current regulator’s chief executive Hector Sants has stated that, over the past eight years, there has been “little or no evidence that any significant change has occurred in the attitude of the financial industry towards its customers”.
FCA will not prevent all firms from failing, says Cole
Margaret Cole, the Financial Services Authority’s (FSA) director of enforcement and financial crime, has spoken at the regulator’s conference on the forthcoming Financial Conduct Authority’s (FCA) approach to regulation.
FCA needs quantum leap to achieve goals
The new Financial Conduct Authority (FCA) must deliver a quantum leap in effective regulation, according to Kay Blair, vice chair of the Financial Services Consumer Panel.
FCA to be tougher and bolder
The Financial Services Authority (FSA) has declared that its successor body, charged with conduct and markets regulation from the end of 2012, will be tougher, bolder and more engaged with consumers.
Lord Turner calls on Parliament to pick up the pace
The Financial services Authority (FSA) chairman, Lord Turner, has called on Parliament to ensure the legislation necessary for a smooth regulatory transition is in place in time for the FSA to hand over to the new bodies.
Legal experts criticise PRA announcement
The legal sector has roundly criticised the contents of the Financial Services Authority (FSA) and Bank of England’s joint paper describing it as worrying and raising more questions than answers.
Creating FCA and PRA to cost up to £175m
The Treasury has estimated that the cost of establishing the Prudential Regulation Authority (PRA) and transforming the Financial Services Authority (FSA) into the Financial Conduct Authority (FCA) could be between £115m-£175m.
Government takes next step in reform of FSA
The government has published its financial regulation White Paper and draft Bill. These provide further detail on its proposed reforms to the financial regulatory regime within the UK.
New product intervention approach could result in firm TCF rules
The Financial Services Authority (FSA) has revealed its intention to create a single set of rules for product intervention which could involve making all TCF material statutory.
FSA publishes Annual Report for 2010/11
The Financial Services Authority (FSA) has published its annual report for 2010/11, outlining its performance against the priorities set out in its 2010/11 Business Plan and its statutory objectives.
Regulators reveal PRA approach
The Bank of England and the Financial Services Authority (FSA) have published a joint paper setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach regulation.
Reportage: what is there to be afraid of?
The shake-up of the regulatory regime has got the industry in a sweat, fearing the wounded beast may put it under unwarranted scrutiny. Edward Murray looks at what it means for brokers
Sharp rise in staff exiting FSA
The number of staff leaving the Financial Services Authority (FSA) over the past year has nearly doubled as it prepares for its 2012 overhaul.
Radical product intervention could stifle choice, warns ABI
The Association of British Insurers (ABI) has called for a balanced approach by the Financial Services Authority (FSA) on product regulation that reflects the diversity of retail financial services markets in the UK.
Regulatory burden on brokers is heavier than tax
The British Insurance Brokers’ Association (Biba) has warned that the regulatory burden imposed by the Financial Services Authority (FSA) on the insurance broking sector is a greater competitive disadvantage than the amount of corporation tax it pays.
Biba issues response to Treasury consultation
The British Insurance Brokers’ Association (Biba) has responded to the HM Treasury consultation: A new approach to regulation – building a stronger system, and called for proportionate, appropriate and cost-effective regulation for brokers.
ABI warns against duplication in regulatory reform
The Association of British Insurers (ABI) has called for transparent and accountable co-ordination between the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
FSA trebles fines to £97m
The Financial Services Authority (FSA) trebled the value of fines it collected from financial services businesses in just one year, from £33.1m to £96.7m, according to Reynolds Porter Chamberlain (RPC).