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Financial Services Authority News

06 Nov 2017

DMCC, Maersk Team up on Shipping Solution

Dubai Multi Commodities Centre (DMCC), the world’s leading Free Zone for trade and enterprise in Dubai, has teamed up with Maersk Trade Finance to offer a ‘one-stop-shop’ solution that handles both the flow of goods and financing. The requirement was raised by DMCC’s Food Trade Group, set up in October 2016, an industry group aimed at growing the global food trade industry by connecting financiers and traders alike. As a result, DMCC and Maersk came together to provide the trade with a solution that meets both their shipping and financing needs including pre- and post-shipment finance. The announcement came at the annual DMCC Food Trade Group dinner in Dubai.

28 Jun 2012

Moore Stephens Strengthens Regulatory Advisory Team

Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer, compliance director with a commercial insurance broker and most recently training and advising senior management in the management of risk at JLT Group. He also worked with the FSA advising insurance intermediaries on regulation.

23 Mar 2012

UK P&I Club Restructures

Move intended to increase efficiency under Solvency 2. The UK P&I Club has announced that it is reorganising its structure to establish UK Europe as the sole provider of direct insurance to UK Club members. By reducing the number of separately regulated insurers from two to one, the UK Club aims to streamline governance, reduce compliance costs and manage more efficiently the Club’s solvency capital requirements whilst meeting the impending Solvency 2 regulations for insurers in the European Union.

21 Mar 2012

UK P&I Club Restructures to Increase Efficiency

The UK P&I Club has announced that it is reorganizing its structure to establish UK Europe as the sole provider of direct insurance to UK Club members. By reducing the number of separately regulated insurers from two to one, the UK Club aims to streamline governance, reduce compliance costs, and manage more efficiently the Club’s solvency capital requirements, while meeting the impending Solvency 2 regulations for insurers in the European Union. Under the new structure, the Bermuda-based UK Club will cease to write direct insurance business. Its existing direct business will transfer to UK Europe. UK Bermuda will become the reinsurer of UK Europe. It will continue to be the holding company controlled by the Club’s Members – i.e., those ship-owners whose vessels are insured by the Club.

24 May 2004

Time Running Out for FSA Broker Regulation

Moore Stephens has warned UK insurance brokers that failure to submit their applications for registration by the Financial Services Authority (FSA) by the due date of July 15 this year will mean that they will not be authorised to carry on business from January 15, 2005, when the new FSA regulations come into force. The FSA published its final conduct of business rules on January 20 this year. And there is evidence to suggest that, despite the looming deadline for application, many brokers do not yet fully realise the extent of the detail and the depth of the information they are required to provide to the regulators. Indeed, in some cases, there is reason to believe that the need to be FSA-approved is not properly understood.

29 Jan 2002

Royal Caribbean Responds to Referral Decision

Royal Caribbean Cruises Ltd., was notified of the decision by the Secretary of State for Trade and Industry to refer its proposed merger with P&O Princess to the Competition Commission for further review. Royal Caribbean believes strongly that the proposed merger will deliver significant consumer benefits, as well as shareholder value. Richard Fain, Chairman and Chief Executive of Royal Caribbean, said: "We have never taken regulatory approval for granted. This referral in no way detracts from our determination to complete the merger on the agreed timetable". Goldman Sachs International and Cazenove & Co. will not be responsible to anyone other than Royal Caribbean for providing the protections afforded to customers of Goldman Sachs International and Cazenove & Co.

12 Apr 2002

ICS issues wake up call for shipbrokers

Shipbrokers may soon have to show evidence of professional qualifications, warns the Institute of Chartered Shipbrokers (ICS). Speaking at the Hong Kong Shipowners' Association on April 11, James Freeland, president of the ICS, pointed out that unlike other professions that deal with money, such as accountants and stockbrokers, shipbrokers are not required to pass any exams. "If shipbrokers don't wake up to this situation and do something about it, they may find themselves suddenly having restrictions imposed on them by regulatory bodies such as the Financial Services Authority in the UK," he warns. This may involve having to show evidence of attaining recognised professional qualifications. Part of the problem is the ease with which shipbrokers can set up shop.

10 Jul 2002

Moore Stephens Says Insurance Industry Must Embrace Business Intelligence

Regulatory developments mean that failure to make proper use of business intelligence systems and actuarial consultancy to assess risk could lead not only to significant financial losses but also to disciplinary penalties for insurance underwriters and brokers, according to leading accountant and consultant Moore Stephens. designed to support the development of effective reserving and forecasting procedures. They are now an essential part of insurance industry practice. analytical and risk management services. Steve Downing says, "The insurance industry must embrace a centralized approach to risk management, one which has the ability to analyse data in a flexible way, to search for trends and patterns, to analyse productivity and to help business planning and forecasting.

11 Apr 2007

Moore Stephens: P&I Premium Increases are Justified

In most cases, the increased premiums which shipowners are being asked to pay by their P&I clubs are justified, and are a vital factor in maintaining a solvent marine mutual market, according to Michael Butler, an insurance partner at leading business adviser and accountant, Moore Stephens. Writing in the latest issue of the Moore Stephens shipping newsletter, Bottom Line, Butler says, “The arguments advanced in favour of lower increases – or no increases at all – encompass everything from a buoyant shipping industry to a recovering investment market. This year, in addition, they include the argument that, since most clubs are satisfied that they are well-placed to meet the risk-based Solvency II capital adequacy regime introduced in the UK by the Financial Services Authority…

26 Feb 2003

Moore Stephens: Brokers Must be Ready

Accountant and consultant Moore Stephens has warned that U.K. by the Financial Services Authority (FSA). come into force in October 2004. answers are expected to emerge over the coming months. which went before it. of customers, standards for claims handling, and complaints. regime. that they are well-prepared to meet the FSA's demands. onerous burden of regulatory compliance and risk management preparedness. conduct their business. The time to act is now.

19 Jun 2001

State of the P&I Market: As Stocks Drop, Rates Will Rise

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…

19 Jun 2001

State of the P&I Market: As Stocks Drop, Rates Will Rise

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…

06 Sep 2005

Moore Stephens Warns Brokers

Financial and insurance consultant Moore Stephens has warned brokers and other intermediaries to ensure that their systems and controls covering the treatment of client money meet the regulatory requirements laid down by the Financial Services Authority. Moore Stephens notes that the FSA has recently visited the offices of 15 intermediaries and reviewed their handling of client money, in addition to addressing the issue in a similar number of risk assessments involving other firms. The FSA has written to the chief executives of all general insurance intermediaries with its findings, and this will doubtless make uncomfortable reading for brokers and intermediaries.