Regulation
Management clinic- anti-bribery: Don’t slip up
The FSA has published an anti-bribery and corruption in commercial insurance report. It seems to relate to overseas markets, so does it apply to my firm?
Government to consult on how to implement Jackson Review
The coalition Government has announced a consultation on implementing the recommendations laid out in Lord Justice Jackson’s Review of Civil Litigation Costs.
Treasury launches regulatory reform consultation
Financial Secretary to the Treasury Mark Hoban MP has today (26 July) launched the Government’s consultation on the implementation of reforms to financial regulation.
FSCS has paid out over £200m in compensation
The Financial Services Compensation Scheme’s (FSCS) annual report and accounts for 2009/10 has revealed that more than £204m has been paid out in compensation to over 21,000 claimants.
Three arrested in cash for crash operation
Durham Constabulary’s Serious and Organised Crime Group has arrested three men as part of an ongoing major investigation into organised criminals believed to be involved in ‘crash for cash’ activities.
Government vows to simplify tax
The Chancellor George Osborne and Exchequer Secretary David Gauke today (20 July) established the Office of Tax Simplification (OTS).
Willis steps up contingent commission campaign
Willis Group Holdings has stepped up its campaign against contingent commissions by distributing a third-party white paper written by law firm Edwards Angell Palmer & Dodge detailing what Willis describes as "the conflicts of interest created by the…
New government: Coalition consequences
The new government has already announced the end of the Financial Services Authority and an Emergency Budget full of spending cuts and tax rises. Emmanuel Kenning looks at the implications for insurance brokers.
Legal - Client money: the FSA belatedly bares its teeth
The moribund Financial Services Authority has been busy enforcing client money regulations, issuing large fines. Brokers are advised to keep their houses well in order, writes Mathew Rutter.
Editor's comment: Regulator change risks instability
The announcement that the Financial Services Authority is to be disbanded and replaced with a combination of regulation from the Bank of England including a new Consumer Protection and Markets Authority brings opportunities and dangers.
Court throws out Quinn appeal over information disclosure
The Court of Appeal has dismissed Quinn's appeal against the decision made in Quinn Direct Insurance v The Law Society of England and Wales, which refused the insurer access to confidential documents relating to a firm of solicitors that was being…
FSA unveils transformation timetable
The face of the Financial Services Authority (FSA) will start its transformation at the start of next year.
Lloyd's report on globalisation highlights new form of risk
Lloyd’s has published a new report examining the systemic risks associated with globalisation.
Data quality: Staying in charge of your data
If the Financial Services Authority has concerns over the accuracy of your data processing, it might demand that you implement a new system as well as impose significant fines, writes Ian Singer.
FSA fines broker network director for PPI failings
The Financial Services Authority (FSA) has fined the director of a network for failing to properly supervise appointed representatives (AR) working on behalf of the firm.
FSA bans three insurance fraudsters
The Financial Services Authority (FSA) has banned Timothy Higgins, Clifford Felstead and Ralph Brunswick from working in regulated financial services.
Video: the impact of regulatory structure reforms
Jonathan Evans MP and chairman of the All Parliamentary Group on Insurance & Financial Services, meets Incisive Media’s David Worsfold to discuss the impact of the proposed reforms of the regulatory structure on the insurance and retail financial…
Brokers "ready for a fight" over FSCS levy
The British Insurance Brokers' Association (Biba) said that the recent invoices received by members from the Financial Services Authority (FSA) for the 2010-11 fees and levies have highlighted the inequality of the current funding of the Financial…
FSA announces senior departure following shake-up plans
The Financial Services Authority (FSA) has announced that Mark Norris, chief operating officer and managing director, has decided to leave the organisation to seek fresh challenges and opportunities.
Cable's red tape-cutting committee meets
A new cabinet committee, chaired by business secretary Vince Cable and charged with with reducing the heavy burden of red tape on business, met for the first time today.
Third Parties Act 2010: Ending the uncertainty
After a wait of 80 years, the Third Parties Act has finally been reformed. Nicola Billen looks at the problems with the original and how the new Act shapes up.
Viewpoint: Principles versus PC
Tony Bridgland wrote a long-running satirical column in Insurance Age from 1992, firing barbed broadsides at insurers and regulators alike and, for seven years, was the insurance watchdog for the Sun newspaper. Now he comes out of semi-retirement to put…
Opinion: Editor's comment - July 2010
Have you received your letter, the one that informs you that your Financial Services Compensation Scheme (FSCS) bill has gone up a bit? "A bit?" I hear you cry. And cry you might for brokers are reporting increases of up to 800%.
Brokers banned by FSA for mishandling clients' money
The Financial Services Authority (FSA) has banned two broker directors - Delwyn Way of Shield Insurance Consultancy and Adrian Shillaker of Griffiths McAlister Insurance Brokers - for failing to adequately protect clients' money and assets.