The Governor of the Bank of England (BoE), Mark Carney, has warned that the insurance industry would be “accountable for their actions if things go wrong.” Writing in The Times newspaper, Carney commented that while insurers escaped unscathed from the financial crisis, they were not too big to fail because they played a “stabilising role in the financial system.”
Commenting on the increase of new capital going into higher-risk investment vehicles, he said that the BoE would remain vigilant. “The insurance sector faces challenges in adjusting to the post-crisis landscape,” said Carney. “These challenges come alongside post-crisis regulatory reforms and legislative changes that challenge insurers’ business models. So alongside reforms that Parliament has asked us to make to hold senior bankers to account, we will create a similar regime for senior managers in the insurance industry.”
In response to Carney’s comments, the Association of British Insurers said: “Mark Carney rightly recognises the important role of the industry in the economy and its strengths, such as innovative approach, strong capital buffers as well as its resilience to the previous economic crisis. Insurers are subject to stringent ‘twin peaks’ regulation from the Prudential Regulation Authority and the Financial Conduct Authority, so the industry expects to be held to account.”
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more