Articles - IUA concerned about increase in UK regulatory costs


 The IUA is considering consultation papers issued by the Prudential Regulatory Authority(PRA) and Financial Conduct Authority(FCA) on an increase in the cost of regulation.

 IUA Director of Government Affairs Nick Lowe said “The latest proposed increase in regulated fees appears to be a substantial jump in costs that are already high by international standards.

 It is not clear to us why the London Market should be earmarked as requiring additional supervision resources since the wholesale and commercial nature of its business is generally considered to require lower levels of regulation than those areas of the industry catering directly for consumers.

 The IUA will argue that the London Market should not be required to bear a disproportionate share of such costs. The PRA and FCA have stated a commitment to reduce costs of regulation and we very much hope to see reductions in future years.”

 In total, general insurers are expected to be charged £46.4m during the 2013/2014 year with the FCA accounting for £22.1m and the PRA £24.1m. This compares to last year’s bill from the Financial Services Authority for £38.9m and £29.4m in 2011/12. 

Back to Index


Similar News to this Story

IFoA Antibiotic Resistance Working Party
Video
Investment opportunities for DC schemes set to expand
The Department for Work and Pensions (DWP) launched a wide-ranging consultation on facilitating investment by defined contribution (DC) pension scheme
The real risks of freedoms
When pension freedoms first came into play there was no doubt that while they offered welcome flexibility, they also resulted in more risks that could

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.