The Financial Services Authority (“FSA”) published an interim report in respect of the Retail Distribution Review (“RDR”) discussion paper it published in 2007. The RDR forms one component of the FSA’s retail strategy, which also includes the “Treating Customers Fairly” and “Financial Capability” initiatives.
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United Kingdom
UK: The Financial Services Authority (FSA) has Identified Weaknesses in the Attitude of Firms to Data Security and Threatens Sanctions
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA’s financial crime and intelligence sector has carried out a review of data security systems and controls in place in 39 UK companies operating across all of the different financial services sectors. The review found that many firms still under estimate the risk of data loss and fraud to their business and their customers. …
Read More UK: The Financial Services Authority (FSA) has Identified Weaknesses in the Attitude of Firms to Data Security and Threatens Sanctions
The E W Payne Pools Scheme
By Troutman Pepper Locke on
The English Court has ordered that meetings be convened on 4 July 2008 for creditors to vote on the solvent schemes of arrangement being proposed by 82 members of the E W Payne Pools. The E W Payne Pools have been in run-off for over 20 years and, it is predicted, that the run-off could last, if not for the proposed schemes, for at least another 20 years. The purpose of the schemes is to bring that run-off to an early close. …
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English High Court Finds that an Extension to a Policy was an Unequivocal Affirmation of the Contract
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
Scottish Coal Company and ors v. Royal and Sun Alliance Insurance plc and ors [2008] EWHC 880 (Comm) concerned a claim brought by coalmine owners against a consortium of insurance companies in respect of a roof collapse in May 2000. Liability centred on the unsuccessful attempt of the owners to mine through a roadway (or cross cut). …
Read More English High Court Finds that an Extension to a Policy was an Unequivocal Affirmation of the Contract
FSA: IIB Sees Demise of Small Brokers if Commission Disclosure Becomes Mandatory
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Institute of Insurance Brokers (IIB) has responded to the Financial Services Authority’s (FSA) discussion paper on Transparency Disclosure and Conflicts of interest in the UK Commercial Insurance Market with major concerns (click here to view the IIB press release).
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Read More FSA: IIB Sees Demise of Small Brokers if Commission Disclosure Becomes Mandatory
UK: The London Market Reform Group Appoints a New Chief Executive: Peter Harmer
By Troutman Pepper Locke on
Peter Harmer, chief executive of Aon UK, is to become Chairman of the London Market Reform Group (MRG). He succeeds Stephen Matanle, managing director of Libero Ventures Ltd.
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Read More UK: The London Market Reform Group Appoints a New Chief Executive: Peter Harmer
UK: Lloyd’s Reminds the Subscription Market of Their Obligation to Comply with Competition Law
By Troutman Pepper Locke on
Competition issues within the business insurance sector have been much discussed recently. The European Commission published its final report on its inquiry into the business insurance sector on 25 September 2007. The report highlighted some questions regarding premium alignment between lead insurers and followers in the co-insurance market. …
Read More UK: Lloyd’s Reminds the Subscription Market of Their Obligation to Comply with Competition Law
UK: Regulatory: Treasury and Financial Services Authority (FSA) Launch Consultation on EU Insurance Sector
By Troutman Pepper Locke on
A discussion paper on the UK’s proposals to reduce the administrative burden on insurance groups operating in the EU was launched on the 22 April 2008 by the Treasury and the FSA. (See: Discussion Paper) As has previously been discussed in a recent blog, the FSA has recognised the need for further development of the existing arrangements for regulatory cooperation and endorses the idea of cooperation among regulators and the creation of supervisor colleges.
English Court of Appeal Affirms a Decision of the High Court Concerning the Interpretation of a Public Liability Insurance
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
Tesco Stores Ltd v Constable & others [2008] EWCA Civ 362 concerned an appeal against an order of Mr Justice Field under which Field J determined that, on a proper construction of a public liability section of a standard project insurance package, Tesco was not entitled to an indemnity in respect of sums that it was liable to pay under the terms of a deed of covenant for economic loss to a third party affected by its activities.
EU: European Commission (the Commission) to examine the use of insurance block exemption regulation
By Troutman Pepper Locke on
The Commission has begun a public consultation to investigate the functioning of the Insurance Block Exemption Regulation (BER) and the impact on the various insurance markets in the European Union (EU). …
Read More EU: European Commission (the Commission) to examine the use of insurance block exemption regulation