FSA revised approach as the Prudential Regulatory Authority

The FSA pushed out their revised approach yesterday, which will be fully implemented after they change the sign out front of Canary Wharf next year.

I pretty much glazed over at Hector Sants' speech, which had to fish pretty hard for examples of why Insurance justified more intrusive supervision than banks (Independent Insurance and Equitable both being a decade old). However, the Proactive Intervention Framework (PIF) is no different to Solvency II's intervention process, with a "capital add-on" level, an SCR breach and an MCR breach all dressed up in different clothing. The main document is out of necessity pitted with Solvency II references, and all in all, no new news.