Editor's comment: Bowing out from Brussels
Complaining about the influence of the European Union on British affairs is almost as much a talking point as the weather in the UK, but insurers have fair grounds. Since Solvency II was first proposed, many in the UK insurance industry believe the Financial Services Authority has done its best to ‘gold plate’ it, taking it beyond what many consider necessary — and certainly beyond other EU countries.
Indeed, with a combined spend close to £3bn, with hundreds of extra actuaries being employed and millions of man hours spent on internal models, insurers have been forced to jump through hoops to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Transport Secretary Haigh quits over phone offence
Louise Haigh has resigned as transport secretary after pleading guilty to a criminal offence related to incorrectly telling police that a work mobile phone was stolen in 2013.
Insurer CEOs focusing on cost cutting rather than diversity
Reboot’s 2024 Race to Equality report has found that budget cuts are the biggest contributing factor to the slowing down or silencing of diversity efforts.
Why the regulator shouldn’t be painted as a panto villain
James Daley, managing director of Fairer Finance, reacts to recent rabble rousing calls for a regulatory bonfire and urges the industry needs to get behind the watchdog rather than painting them as the panto villain.
FCA softens enforcement transparency plans following feedback
The Financial Conduct Authority has today opened up its second phase of consultation surrounding its plans to name firms into which it opens up investigations.
FCA to reduce costs after ‘open cheque book’ feedback
The Financial Conduct Authority plans to reduce regulatory costs, in response to feedback that it treats the industry like an “open chequebook”.
Mandatory qualifications will safeguard the future of insurance
Given the regulator’s role in safeguarding consumers, Crescens George, CEO of Wiser Academy, wonders why the Financial Conduct Authority hasn't already stepped in to mandate higher qualification standards for the insurance sector.
Checking the price is right for insurance
Emma Ann Hughes examines how to prove the price is right of cover for different segments of consumers and observes it requires a whole lot more than just knowing the cost of delivering insurance products and services.
Government to consult on leasehold commission ban
In a written statement published yesterday, the Minister of State for Housing, Communities and Local Government has said the government “will go out to consultation very shortly on the detail of the Act’s ban on buildings insurance remuneration”.