Monday, 13 June 2011

FSA - Annual Report and Accounts - Solvency II and other bits

Few noteworty bits from the FSA's Annual Report and Accounts published today;

  • Solvency II consultation paper for the UK industry due "later this year" - still can't be specific, I guess for the same reasons that the EU can't be!
  • Will  be "assessing the efficiacy of firm's reverse stress testing exercises" over the next year - as per my last post, get started early by going through the Cass Business school paper!
  • References both in the paper and in the press here and here
  • Fines revenue up from £33.5m to £91.2m - a 'fine' achievement, if it means the bad guys are paying an appropriate share
  • Over budget by £3.4m on contractors for "project activity" - not certain if Sol II is in that number or not.
  • One very sharp piece in the Enforcement Annual Performance Review about "credible deterrence" and their increasing wish to use the threat of custodial sentance.
  • Risk department up in headcount from 672 to 880 people in one year - the kind of recruitment numbers the Central Bank of Ireland would be delighted with!
  • Cost of the Risk department up from £112m to £155m - at least the fines money is up to cover some of that.
  • Solvency II revenue of £16.0m booked, against £5.8m the previous year. Those were the days...

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