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On 24 October 2007, Michael Bright, the former chief executive of Independent Insurance Company, was convicted by jury trial of two charges of conspiracy to defraud. Former deputy managing director, Philip Condon, was found guilty on one count of fraud but was cleared on another, while the ex-finance director, Dennis Lomas, was found guilty of two fraud offences. 

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Read More A Former Independent Insurance Director is Ordered to Pay £1.28 Million or Face Further Imprisonment

Following on from its statements of 30 September 2008 and 20 January 2009 (see our previous blog on this statement here) suggesting firms may wish to stop selling single premium PPI, the FSA has sent a letter to CEO’s requesting that if they have not already done so, to stop selling single PPI with unsecured personal loans as soon as possible and in any event no later than 29 May 2009.

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Read More UK: Regulation – Financial Services Authority Letter to CEOs Re Single Premium Payment Protection Insurance (PPI) with Unsecured Personal Loans

In DHL GBS (UK) Limited v Fallimento Finmatica SPA [2009] EWHC 291 the English High Court declined an application by DHL GBS (UK) Limited (DHL) to stay its own appeal against the registration of an Italian judgment which had been entered against it. …
Read More UK – English High Court Decision Hints at the Impact of the West Tankers Decision

The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority. …
Read More De Larosière Report on Financial Supervision in the EU

The Comparison Consortium recently announced that it is to join forces with the Association of British Insurers (ABI) to develop a new code of practice for online insurance aggregators. The Comparison Consortium was established earlier this year to regulate and represent the online price comparison industry. …
Read More Comparison Consortium to Self Regulate Online Price Comparison Industry Despite Efforts of the FSA

The UK Treasury has proposed opening a new information gateway between the Financial Services Authority (FSA) and the Claims Management Regulator (CMR) so the two regulatory bodies can share information of mutual interest. The Treasury expects that the gateway would increase the efficiency and effectiveness of regulatory activities but would not cause significant savings or impose additional costs. …
Read More UK: Treasury Proposes Information Gateway Between FSA and Claims Management Regulator

Paul Taylor, the head of run-off supervision for insurance firms at the FSA, recently reiterated to the run-off sector that the FSA will object to solvent schemes of arrangement unless policyholders would be at least “no worse off” than in an ordinary solvent run-off. Although the FSA’s approval is not formally required for a scheme of arrangement to be implemented, it does have the power to object to a proposed scheme. …
Read More UK: FSA Says Solvent Schemes Must Leave Policyholders “No Worse Off”