in association with insurancepeople News
FSAconcerns aboutprice comparison sites
he FSA has written to firms operating price comparison websites to remind them of their regulatory requirements. Its letter contains guidance and highlights its concerns about fair treatment of customers. The authority asks firms to think carefully about whether they are introducing, arranging or advising customers on purchasing a contract of
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insurance, and whether they need to reflect that with a change of permission. The letter follows a review carried out between June and September 2010. Firms have until August 8th 2011 to respond.
Some of the areas highlighted are:
● Making it clear that firms take responsibility for
BIBA welcomesFSA guidance
B
IBA has welcomed the FSA guidance consultation for insurance comparison websites. It comments that it is delighted that the points about possible consumer detriment raised by the association in 2008 have been recognised in this consultation. Eric Galbraith, BIBA chief executive, says, “Our concerns from 2008 have focused on the gap developing between the pace of technological change and the regulations which were written in 2005. We are pleased that the FSA recognise the price comparison website activities to be more than simply introducing
and we trust that the steps that they are taking will close this gap.”
Graeme Trudgill, head of corporate affairs, adds, “For the FSA to say that comparison websites are falling short of their regulatory requirements is of great concern and we strongly believe that these
recommendations must be implemented by the sites without delay. We think it is particularly important that the FSA has highlighted a concern that we share, where, in many cases, questions are pre-populated with default answers.”
Brett&Randallmocktrial B
rett and Randall is to stage a mock trial in Leicester’s Guildhall, aimed at making directors of businesses aware of the threat posed by the Corporate Manslaughter and Homicide Act. The decision to stage the mock trial followed the first prosecution under the Act, which happened earlier this year when Cotswold Geotechnical were prosecuted and fined £385,000
30 insurancepeople JULY/AUGUST 2011
checking eligibility or disclosure, rather than putting the onus on the customer;
● Reminding firms to check whether they hold the correct permissions, in particular where they may be inadvertently giving regulated financial advice without holding that permission;
● Reminding firms who are using a “white label” service to make it clear to customers which firm they are actually dealing with and who they should complain to;
● Reminding firms that use a “white label” service to check that their provider holds the necessary permissions to conduct regulated activity.
Catastrophe losses estimated at £2.4b for Lloyd’s A
on Benfield Analytics’ Market Analysis team has launched its latest “Lloyd’s Update’ report, covering performance for 2010 and business position for 2011. It indicates total losses for the market from the Japanese earthquake and tsunami, the New Zealand earthquake and Australian floods at £2.4 billion, split £1.22b, £750m and £406m respectively.
It shows that Lloyd’s reported
a 43% reduction in pre-tax profit to £2.2b for 2010. Prior year releases rose by 9% to £1.0b, while the investment return fell by 29% to £1.3b.
Capital and reserves were unchanged at a peak level of £18.2b at the end of 2010, leaving the market, says the report, “well- positioned to cope with the consequences of the natural catastrophes that occurred in the first quarter of 2011”.
following the death of an employee, who was killed when a trench in which he was working collapsed. Weightmans Solicitors, who have offices in Leicester, are joining forces with Brett and Randall in staging the mock trial, which will take place on July 14th. Anyone interested in attending this free event should email
info@brettandrandall.co.uk.
he managing director for aviation, QBE European operations, Emilio di Silvio, will retire on December 31st 2011. It will mark the end of a 36-year career in the industry.
Di Silvio to retire T
He started out in the Lloyd’s market in 1975, as a box junior with syndicate 312, E.O. Walklin and O’s, which wrote all classes of aviation. He was a member of the Lloyd’s Aviation Underwriters Association and chair of the committee during the period following the terrorist attacks of 9/11. In 2002 he became MD and global head of aviation at Allianz in London.
He joined QBE in 2006 and has been instrumental in building a franchise which has expanded to include underwriting platforms in the Americas and mainland Europe.
Emilio di Silvio
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