Very telling snippet picked out by one of the IFA magazines covering Hector Sants's comments to the Treasury Select Committee that the FSA are struggling to recruit for a 200-strong Risk team, with an agency cited as saying they were around 50% off industry levels. If they can just wait for the Solvency II goldrush to subside, there would be plenty of candidates, but if it keeps getting extended, you'll never get anyone!
Joking aside, the increasing staff turnover, extension to Solvency II, and one eye on the future carve up into FCA and PRA, the case for spending some of this special levy money on some high-end talent must be close at hand - they have certainly priced it in for post-2014!
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
Showing posts with label levy. Show all posts
Showing posts with label levy. Show all posts
Friday, 18 November 2011
Friday, 27 May 2011
FSA Solvency II Levy - details on calibration
The FSA have just published a mammoth guide on their levy calibration for 2011/12 - the Solvency II-specific section starts at page 111.
On the face of it, good news, as they didn't spend enough of last year's levy, leaving a cheeky underrun. There's a piece of Friday good news!
On the face of it, good news, as they didn't spend enough of last year's levy, leaving a cheeky underrun. There's a piece of Friday good news!
Wednesday, 25 May 2011
FSA Special Levy for Internal Models - Just like the Irish...
New levies on the way it seems, with a FSA-led consultation kicking off this week - having seen the Irish go this way early in the week it should be no surprise, but I guess it begs the question "did we not already pay you for this?".
No doubt more to follow today and tomorrow on this one - in the meantime, UK followers may want to start taking notes on how the FSA approach them, because it looks like the levies will follow some kind of "proportionality" principle judging by the terminology used, and that could indicate future likelihood of proportionality reliefs in your Solvency II implementation.
No doubt more to follow today and tomorrow on this one - in the meantime, UK followers may want to start taking notes on how the FSA approach them, because it looks like the levies will follow some kind of "proportionality" principle judging by the terminology used, and that could indicate future likelihood of proportionality reliefs in your Solvency II implementation.
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