Regulation
Hector Sants blames much of financial crisis on culture
FSA chief executive Hector Sants has lamented evidence that the "behavioural issues" which contributed to the financial crisis are still being observed in some major firms.
Law firm highlights drawbacks of "one stop shop" regulator
Bruno Geiringer, a partner in the insurance group at Pinsent Masons, said that "scraping the FSA for banks is right but the case is not made for insurers".
Chancellor confirms FSA will "cease to exist in current form"
Chancellor George Osborne has confirmed in his first Mansion House speech that he will give the Bank of England the key role in regulating the UK financial sector and that the Financial Services Authority (FSA) will “cease to exist in its current form”.
FSA powers to be cut
Chancellor George Osborne has confirmed that he will give the Bank of England the key role in regulating the UK financial sector, according to reports.
Report puts UK national debt at nearly £5trillion
The Institute of Economic Affairs has estimated that the national debt including pension liabilities and likely liabilities to be incurred by the government in respect of the banking sector is £4.8 trillion (333% of GDP).
PJ Hayman calls for IPT standardisation
PJ Hayman, specialist travel insurance and Schemes provider, has called on the new Government to reassess the level at which Insurance Premium Tax (IPT) is charged on travel insurance.
Business confidence dented by forthcoming Budget
According to latest Economy Watch survey by the Forum of Private Businesses, confidence has been impacted by fears that increases in the Budget culd hit small businesses hard.
Regulator dished out £33m in bonuses last year
The Financial Services Authority (FSA) paid out £33m in bonuses last year and pays, on average, over £92,000 to its 3,300 employees.
Biba calls for freeze on Insurance Premium Tax
The British Insurance Brokers’ Association (Biba) is urging the Government not to increase the 5% rate of Insurance Premium Tax (IPT) on insurance products in its next Budget on 22 June 2010.
FSA bans two insurance brokers
The Financial Services Authority (FSA) has taken action against two insurance brokers - Delwyn Way of Shield Insurance Consultancy and Adrian Shillaker of Griffiths McAlister Insurance Brokers for failing to adequately protect client’s money and assets.
FSA authorisation time increasing, says RPC
The length of time that financial services firms are having to wait to get authorisation from the Financial Services Authority (FSA) continues to climb "inexorably", says law firm Reynolds Porter Chamberlain (RPC).
FPB issues World Cup advice
With the football World Cup just over a week away, the Forum of Private Business has advised its members to plan ahead for the likelihood that some employees will take more of an interest in their team’s fortunes than their duties and want to watch games…
FSA extends PPI complaint window
The Financial Services Authority (FSA) has announced a temporary rule to give customers, who recently made a complaint about their payment protection insurance (PPI) policy, more time in which to refer their complaint to the Financial Ombudsman Service …
FSA signs off 9.9% rise in funding
The Financial Services Authority (FSA) has confirmed its annual funding requirement for 2010/11.
Back in discussion: CC pushes for point-of-sale PPI ban
The Competition Commission (CC) is to return to the issue of payment protection insurance (PPI) and is once again pushing for a point-of-sale ban.
Tim Breedon to become ABI chairman
The Association of British Insurers has confirmed that Tim Breedon, group chief executive of Legal & General, has been nominated to become its next chairman.
FBP welcomes coalition policy pledge
The Forum of Private Business claims thousands of smaller businesses could benefit from measures outlined in the coalition agreement between the Conservative and Liberal Democrat parties published today.
BIBA 2010: Ex-Aviva public affairs head urges Tory colleagues not to scrap IIWG
The former head of public affairs at Aviva and new Conservative MP Tracey Crouch, believes the Insurance Industry Working Group (IIWG) report should not simply be scrapped because of a change of government.
FOS insurance disputes up 38% due to PPI complaint surge
The Financial Ombudsman Service (FOS) resolved a record 166,321 disputes in 2009/10 – a 46% annual increase – resulting in compensation for consumers in 50% of cases.
BIBA 2010: Willis CEO questions FSA's "grandfathering" of Quinn
Willis chief executive Joe Plumeri has questioned the Financial Service Authority's (FSA) role in the problems revolving around Quinn Insurance.
BIBA 2010: Galbraith calls on Government to introduce the "right legislation"
The British Insurance Brokers’ Association (Biba) is set to launch a major lobbying campaign to promote the role of the broker to the Liberal-Conservative coalition government.
Annual inflation rate rises again
According to data from the Office for National Statistics (ONS), in the year to April, the consumer prices index (CPI) rose by 3.7%, up from 3.4% in March.
FSA criticises brokers' anti-bribery and corruption standards
The Financial Services Authority (FSA) has published the findings of its recent review of anti-bribery and corruption systems and controls in commercial insurance broker firms.
Possible future for FSA, despite Tory promise
The Financial Services Authority (FSA) is likely to survive despite the Tory pledge to abolish the financial watchdog.