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.
The document was issued to explain the current thinking on the approach the Prudential Regulation Authority (PRA) will take on regulating insurance companies.
However, one law firm commented that the likely approach to regulating banks and insurers looked worryingly similar.
Paul Edmondson of CMS Cameron McKenna noted: "Although [Hector] Sants recognises the differences between banks and insurers, and has got a new objective for PRA regulation of insurers into the Financial Services Bill, the
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