A new regulatory regime has been established in the UK. Following the passage of the Financial Services Act 2012, the ground was set for the creation of three new regulatory bodies: the Financial Conduct Authority, the Prudential Regulation Authority and the Financial Policy Committee.
In this paper, we summarise the feedback to CP12/16, FSCS Funding Model Review (July 2012), and our response. We also confirm the final rules except in one area, relating to the funding of costs that exceed FCA FSCS funding class thresholds, via the FCA retail pool.
With a focus on conduct, this FSA publication provides updates on all retail life and general insurers and the London market on the work of our supervision departments. This issue covers: motor legal expenses insurance; telematics and the retail distribution review.
Next year, the Prudential Regulation Authority (PRA) will take up its responsibilities as part of the new approach to financial regulation in the United Kingdom. This document sets out the PRA’s intended approach towards regulating insurers.
This paper makes proposals to help former employees who have work-related illnesses to trace their employers’ liability (EL) insurer. This can be difficult as many years may have passed since individuals have left the employment where they contracted the illness and causing detriment to consumers.
The use of an informant or informants has for centuries been employed by those undertaking investigative work – Judas Iscariat being one of the earliest documented examples of a ‘paid informer’. This technical bulletin provides guidance on the use of informants in insurance investigations.
The FSA's first life insurance newsletter focuses on the key domestic and global regulatory developments. Solvency II, changing accounting standards, regulatory reform, gender ruling and RDR implementation are just some of the changes ahead. Firms need to respond with adequate strategic solutions.
The evolving shape of global and domestic regulation is likely to continue to influence significant changes in the wider insurance market. This FSA newsletter covers: Solvency II updates; the EU gender directive; payment protection insurance products and tracing employers' liability insurance.
The FSCS is the UK’s statutory compensation scheme of last resort for customers of authorised financial institutions. This paper proposes changes to some of the rules in our Compensation sourcebook that govern the operation of the FSCS. The paper also discusses insurance specific issues.
FSA guidance consultation: Payment protection insurance customer contact letters (PPI CCLs) – fairness, clarity and potential consequences
Firms should be undertaking an analysis of complaints about the previous sale of PPI policies. In this guidance we refer to letters or other types of communications used to contact consumers to ask them to respond if they would like their sale to be reviewed as ‘PPI consumer contact letters'.