On 8 July, the Financial Services Authority (FSA) banned Timothy Higgins, Clifford Felstead and Ralph Brunswick (who were found guilty in June 2008 of conspiring to defraud Markel, QBE and Amalfi Underwriting) from working in regulated financial services. The FSA delivered the prohibition because the behaviour of the individuals posed a severe risk to confidence in the financial markets and to assist in reducing financial crime.
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United Kingdom
UK: Financial Services Authority and Financial Reporting Council Publish Discussion Paper on Auditors’ Role in Prudential Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 30 June 2010, the UK’s Financial Services Authority (FSA) and Financial Reporting Council (FRC) published a joint discussion paper (DP) entitled “Enhancing the auditor’s contribution to prudential regulation”.
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UK: Lloyd’s Regulates Conflict of Interest for Underwriters of Broker E&O Insurance
By Troutman Pepper Locke on
On 6 July 2010, Lloyd’s issued Market Bulletin Y4408 (click here to see a copy of the bulletin) clarifying the reporting requirements of managing agents who underwrite broker errors and omissions (E&O) insurance. These requirements were issued in April 2010 by Market Bulletin Y4390 (click here to see a copy of the bulletin). …
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UK: FSA Publishes its ICOBS Post-Implementation Review Findings
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA has published a statement of findings following its post-implementation review (PIR) of the Insurance: Conduct of Business Sourcebook (ICOBS) and its effect on firms’ behaviour in the insurance market. …
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UK: Regulation – The British Insurance Brokers Association Response to the Competition Commission’s Decision on Payment Protection Insurance
By Troutman Pepper Locke on
The British Insurance Brokers Association (BIBA) has written a letter dated 24 June 2010 responding to the Competition Commission’s (CC) provisional decision of 14 May 2010 in relation to how Payment Protection Insurance (PPI) is sold. …
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UK: The Problem of Piracy Reaches the English High Court
By Troutman Pepper Locke on
Posted in Industry Developments, United Kingdom
The case of Cosco Bulk Carrier Co. Ltd v Team-Up Owning Co. Ltd [2010] EWHC 1340 (Comm) was an appeal to the High Court of a decision by an arbitration panel. Mr Justice Gross, who heard the appeal, noted that the subject of the case was topical and of interest to the industry and therefore set out a lengthy judgment, despite his decision to dismiss the appeal in full. …
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UK: Emergency Budget Heralds Insurance Premium Tax Rise
By Troutman Pepper Locke on
On 22 July 2010 the Chancellor of the Exchequer, George Osborne, presented his emergency Budget. The Budget set out measures to close the UK deficit by 2015-16, several of which will impact directly on the insurance industry. …
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UK: Brokers Welcome One New Regulator
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The British Insurance Brokers’ Association (BIBA) has welcomed the planned creation of a new Consumer Protection & Markets Authority, which was announced by UK Chancellor, George Osborne, at his Mansion House speech on 16 June 2010 (see our previous blog here). …
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UK: The Financial Ombudsman Service Publishes Payment Protection Insurance Case Studies
By Troutman Pepper Locke on
The Financial Ombudsman Service (the FOS) has recently published eight short case studies to help firms understand how complaints about sales of payment protection insurance (PPI) will be assessed. The case studies are available on the FOS website. …
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European Commission Consults on Short Selling
On 14 June 2010, the European Commission published a consultation document on the options for dealing with short selling. We have reported previously on the CESR report on short selling published in March 2010 (click here for our post). …
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