From the FSA 2012/13 business plan, I noted the following;
- Still talking about transposition from 1st Jan 2013 (p13) - typo, or just written before Solvency 1.5?
- From p32 Insurers should expect "detailed reviews" of their risk management arrangements and internal models; with-profits business reviews from a PRA and FCA angle; underwriting and reserving controls at GI firms; and use of "external tools" in challenging senior management (citing their use of section 166 of the FSMA as an example, but not certain what else they are suggesting).
- As well as standard Solvency II work on L2 and L3 etc, they will conclude their consultations on the FSA handbook transition.
- Special levy for Solvency II will be £25.9m for the next year (and they continue to use their £100-£150m parameters for their overall Solvency II spend, which is liberal at the top end given the £110m figure they mentioned in the SOLPRU document).
- Consultation paper around Solvency II expected out at the end of this month (table on p83)
- Reiterates the Jan 1st 2013 date for transposition (p39) - again, I though Solvency 1.5 effectively moved that date to July 1st?
- £23m of Solvency II income booked (p137)
- In their Diversity Report, it would appear that their profile is sadly similar to many firms, being top heavy with blokes and bottom heavy with female administrators (p2). Making some headway on the ethnicity mix though (p8), and getting a little older in aggregate (p14), perhaps a by-product of all of the young bucks leaving to work on Solvency II! Also touches on sexual orientation, religion and disability, so I highly commend this genuine look at diversity, rather than allowing gender to dominate it.
What is perhaps less convincing is the £150m tag to split the regulator into the PRA and the FCA - that's one expensive axe Hector...