FSA moves to quell concerns over staff changes
The Financial Services Authority (FSA) has moved to pacify senior politicians' fears about staff turnover and its impact on the consistency of communication between firms and the regulator during the transition to the ‘twin peaks’ and Solvency II regimes.
Speaking at yesterday's All-Party Parliamentary Group on Insurance and Financial Services (APPGIFS) meeting, the director of insurance supervision, Prudential Business Unit (PBU), Julian Adams insisted the turnover had mostly been seen at a junior rather than the senior associate and manager level.
However, APPGIF chairman Jonathan Evans MP and Lord Hunt both claimed to have been approached by insurers and other regulated firms - one of whom was "incandescent with rage" - that their entire
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