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PYV criticises FSA over capital cover

Professional indemnity insurance broker PYV says there is no science in the way the FSA assesses capital cover for firms that are granted waivers in lieu of compliant cover.

Managing director Ian Boscoe says the amounts set by the regulator for capital cover in lieu of PI when waivers are given bear no relation to the actual level of claims the company might face.

Boscoe says the waiver procedure is leaving firms exposed to compensation claims that could put them out of business.

He says it nonsensical that the FSA plans to replace the Insurance Mediation Directive with a more flexible approach that would allow firms to reserve capital against liabilities based on potential risks in their book of business.

Boscoe says: “There is no sense of reality in the way the FSA calculates how much capital is required when it is giving out waivers.

“When the FSA asks a firm to stump up more capital, it doesn&#39t scientifically quantify how much is required so it does not bear any correlation to the exposure to risk.”


Axa appoints new marketing director

Axa has announced the appointment of Dave Whitaker as its marketing director. Whitaker joins having spent 20 years at Clerical Medical where he was a director responsible for retail marketing. At Axa he will be take control of design and development as well as promotion of Axa&#39s life, pensions and investment products and manage a […]

Standard Life in Sigma deal with Co-op Bank Financial Advisers

Standard Life has signed a distribution deal with Co-operative Bank Financial Advisers that will give the firm&#39s intermediaries access to the 25 funds in its Sigma range. The agreement follows a similar deal with Bradford & Bingley last month. Standard Life spokesman Allan MacLean says: “We believe Sigma&#39s combination of investment flexibility, value for money […]

Julian Gibbs

There are very few sensible ways in which investors can hope to receive a return of over 10 per cent a year with capital security. Probably the most innovative and exciting product I have come across recently which should achieve this target is the Close Man hedge fund, which is targeting absolute returns of between […]

Tiner warning as more investors look to BTL

FSA chief executive John Tiner has warned lenders about the risks of investing in higher-margin lending such as the buy-to-let market. Speaking at the Building Societies Association&#39s annual conference in Manchester last week, Tiner said more private investment was being attracted to the housing sector despite falling rental yields and the relatively high costs of […]

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]


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