General Insurance Article - Upcoming regulatory structure in UK gets cool reception


 50% of senior compliance professionals at financial services firms warn that their company’s costs of compliance will increase by up to 20% under the UK’s new ‘dual’ regulatory regime, which is due to start in early-to-mid 2013.

 According to a survey by Protiviti, the global consulting firm, over one in ten (13%) anticipate a rise of over 20%.

 Other key findings from the survey include:

     
  •   67% of respondents in the survey felt that the system (PRA and FCA) would ‘not’ or ‘probably not’ be effective in preventing a future financial crisis
  •  
  •   Only 17% of respondents said their firm is ‘completely’ prepared for the different reporting demands and processes of the new UK regulatory reporting structure
  •  
  •   Only 63% said they are ‘partially’ prepared, while 13% admit they are ‘only starting to prepare now’
  •  
  •   Such is the level of concern around the changes to UK regulation that 62% of respondents stated that the regime will make the UK less attractive as a place to carry out business
  •  
  •   Only 7% said that it will make the UK a better place to conduct business, while one-third (31%) anticipate no change.

Back to Index


Similar News to this Story

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

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.