Legal experts criticise PRA announcement
The legal sector has roundly criticised the contents of the Financial Services Authority (FSA) and Bank of England’s joint paper describing it as worrying and raising more questions than answers.
The document was issued to explain the current thinking on the approach the Prudential Regulation Authority (PRA) will take on regulating insurance companies.
However, one law firm commented that the likely approach to regulating banks and insurers looked worryingly similar.
Paul Edmondson of CMS Cameron McKenna noted: "Although [Hector] Sants recognises the differences between banks and insurers, and has got a new objective for PRA regulation of insurers into the Financial Services Bill, the
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@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.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@insuranceage.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@insuranceage.co.uk
More on Insurer
Rokstone launches disgrace cover
Managing general agent Rokstone has added to its contingency product suite with the launch of disgrace cover.
People Moves: 25 – 29 November 2024
Keep up to date with the latest insurance industry personnel moves.
Policy Expert strikes £1bn co-insurance deal with Bridgehaven and Accredited
Personal lines specialist Policy Expert has added a second capacity provider in Bridgehaven as part of a new co-insurance arrangement with existing backer Accredited.
Analysts point to 265p per share to sweeten Aviva-DLG deal
Experts from Peel Hunt have labelled Aviva’s 250p per share approach for Direct Line as a “reasonable offer” adding there is “scope to sweeten the bid to 260-265p”.
DLG rejects £3.3bn Aviva takeover offer
Aviva has revealed it has become the second insurer to publicly bid for Direct Line Group this year, with an offer worth £3.3bn.
Ex-Accredited boss Johnson joins Hadron
Former CEO of Accredited Insurance (Europe), Colin Johnson, has joined Hadron as CEO of international operations.
Car and motorcycle insurance complaints stick in FOS top five
The number of car and motorcycle insurance complaints to the Financial Ombudsman Service in the second quarter of 2024/25 dropped compared to the same period a year ago however the sector has remained in the top five.
Analysis: Placement strategies – are brokers turning the tables?
What is driving brokers’ decisions on which markets they use? While once it was insurers holding the aces, it now appears the boot is on the other foot, finds Rachel Gordon