Two sets of recent actions by the United Kingdom Financial Services Authority (FSA) may be of interest to insurance and financial services practitioners. First, on August 17, the FSA banned five individuals for failings related to insurance fraud. The FSA also imposed one of its largest fines of £150,000 for insurance fraud on one of the five individuals and £50,000 on another. Since the beginning of 2010, the FSA has banned 14 individuals for failings relating to insurance businesses, with fines totaling more than £500,000.
Second, on August 25 the FSA published a discussion paper that considers fundamental changes to the regulation of trading activities. This was one of the key recommendations of the so-called Turner Review (i.e., a review by the FSA’s Chairman Lord Turner) following material trading losses incurred during the United Kingdom’s financial crisis. The FSA stated that it will accept responses to the discussion paper until November 26, 2010, and will issue a “feedback statement” in the first half of 2011.
This post was originally published on the legacy ABA Section of Administrative Law and Regulatory Practice Notice and Comment blog, which merged with the Yale Journal on Regulation Notice and Comment blog in 2015.