Regulation
Claims volume forces FSCS to exceed budget
The cost of running the Financial Services Compensation Scheme’s (FSCS) “business as usual” workload in 2010/11 was £37m, according to its Annual Report and Accounts 2010/11.
End of the road for referral fees
Brokers who are reliant on referral fees should be looking for alternative revenue sources.
Has the FSA got too much on its plate?
Concerns raised over FSA’s committment of resources to FSCS Review.
Market moves: Aviva moves fuel the rumour mill
Like a moth to a flame, broker attention this month has been grabbed by Aviva. The decision of Mark Hodges to move to Towergate has set the rumour mill into overdrive as to why exactly he took the leap. Meanwhile his replacement as Aviva’s chief…
A mis-selling disaster
If the PPI protection scandal leaves a bill for £10bn, it could turn into a battle for survival for many brokers, says Tony Cornell
Ombudsman slams claims companies over PPI scandal
Claims management companies (CMCs) have “exploited” payment protection insurance (PPI) complaints, according to the Financial Ombudsman Service’s (FOS) legal director.
Lack of resources could hinder Bribery Act
As the 2010 Bribery Act comes into force on the 1 July, anti-corruption watchdog Transparency International UK has warned that its enforcement could be undermined by a lack of resource.
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.
Ecclesiastical creates new compliance role
Ecclesiastical has appointed John Schofield to the newly created role of director of group internal audit and compliance.
FSCS adds journalist to board
The Financial Services Authority has appointed Liz Barclay, David Weymouth and Jayne Nickalls as non-executive directors to the board of the Financial Services Compensation Scheme (FSCS).
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.
Insurance industry needs to improve reputation, says ABI chief
The insurance industry has a key role to play in helping UK consumers manage their financial commitments, but first it needs to improve its reputation, ABI director general Otto Thoresen will say today at the ABI Biennial conference.
Government says yes to referral fees
As part of its new Justice Bill, unveiled today, the government has confirmed its intention to spare referral fees.
Appeal decision good news for surveyors
The Court of Appeal has unanimously agreed that surveyors did not owe a duty of care to a buy-to-let investor in the case of Scullion v Bank of Scotland Plc (t/a Colleys).
Ombudsman calls for more decisive action from FSA
One of the Financial Ombudsman Service’s (FOS) principal ombudsman, Tony Boorman, has questioned the benefits of a complaints-led strategy, calling for a more proactive approach from the regulator.
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.
FSA grilled over delayed FSCS review
The All Party Group on Insurance and Financial Services has expressed its disappointment that the regulator could miss the deadline for its review of the Financial Services Compensation Scheme (FSCS).
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 increases Sants’ car bill by £31,000
The Financial Services Authority (FSA) has admitted it under reported the cost of chief executive Hector Sants’ car benefits by £31,056 in 2010, according to The Times.
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.