View more on these topics

ABI backs FSA’s capital adequacy framework

The Association of British Insurers has thrown its weight behind the FSA’s new capital-adequacy regime but has warned that the regulator must not overburden the industry.

The FSA has just published a review of its individual capital-adequacy standards reg-ime for insurance companies one year after its launch.

Under Icas, a firm is req-uired to undertake regular assessments of the amount and quality of capital which in its view is adequate for the size and nature of its business – the ICA.

The FSA then reviews firms’ Icas and gives its own view of adequate capital for each firm. In its report, the FSA says it has had Icas from nearly 100 life and general insur-ance firms.

Speaking at an ABI member conference last week on insurance regulation, ABI director of financial regulation Peter Vipond said the ABI supp- orts the FSA’s work on capital adequacy requirements but sounded a warning about over-regulation.

He said: “The UK’s insurance sector now has a sys- tem of supervision which is more advanced than other EU systems. Icas provides consumers with the reassurance that the UK supervisory approach promotes good risk management and sound fin-ancial management.

“Provided that it is imp-lemented with care for the overall cost of capital requirements and that legacy regulation is abolished wherever legally possible, the new framework will be good for firms as well as for the FSA.”


A star is Osbourne

In keeping with the hilarity that is Children In Need, Clerical Medical staff decided a celebrity couple lookalike competition was in order, with Sharon and Ozzy Osbourne coming out top of what must have been a very impressive bunch also, including Charles and Camilla and Jordon and Peter Andre. CM says it is confident of […]

Denne sets the first stage for wrap process

Falcon Group has put in place the first steps of what will lead to a full wrap proposition as it bids to increase its wealth management capabilities and attract new advisers. Business development manager Piers Denne, who joined the firm last month, was brought in to introduce and develop the project which he says will […]

Lloyds TSB and ING top Tulip HNW survey

Lloyds TSB has the most high and ultra high net worth customer relationships while ING comes top for customer wealth in this sector, according to a Tulip Financial Research survey.For customer relationships the research found Lloyds TSB has 174,000, followed by Barclays and Natwest, each with 137,000, and HSBC with 132,000.In terms of liquid wealth […]

Elephant Aim flotation to take place today

Elephant, the mortgage and loans packager will float on Aim today.The firm says it will continue to exceed budget with October being a record month for turnover and profits.Elephant says its shares have been oversubscribed, with as many as 21,666,6666 shares being issued at 3 pence a share, and a market capitalisation value at 6.3m.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm