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2010 News

  Title Type Date  
  Outsourcing Solutions: The assessment and redress of Payment Protection Insurance complaints  
  Tue, 24 Aug 2010 | Christine Rose-Williams  
  FSA Policy Statement PS10/12 gives firms involved in PPI business until 1 December 2010 to put their house in order by adopting the new rules in the FSA Handbook.  
  http://www.fsa.gov.uk/pages/Library/Policy/Policy/2010/10_12.shtml  
     
  Financial Modelling: OAC Advertisement Q3/10: Solvency II needs your attention  
  Mon, 23 Aug 2010 | Darren Richards  
  OAC Actuaries and Consultants are committed to helping you meet all your Solvency II requirements. We have developed a suite of interactive and dynamic asset, liability and capital aggregation models in Mo.net to help make your QIS5 modelling and Solvency II implementation as smooth as possible. With Mo.net you can rest assured that you will have all the power, speed and flexibility you would expect from a state-of-the-art modelling system... [Click on link to read more]  
  http://oacplc.com/publications/ad0910fm.pdf  
     
  Insurance Consulting: OAC Topical Article Q3/10: FSA With-Profits Regime Review - Not quite a gold star  
  Fri, 06 Aug 2010 | David Lechmere  
  The FSA has recently published its review of the With-Profits Regime. This review has been prompted partly by concerns raised by the Treasury Select Committee and other stakeholders, and partly by the FSA's own supervisory experience over the last few years. This article outlines the key messages from the FSA and the likely practical implications of these messages for firms.  
  http://oacplc.com/publications/oac-topical-article-0810ic.pdf  
     
  Insurance Consulting: OAC draws upon its experience of Solvency II, ICAs and reverse stress testing for Infoline event  
  Fri, 06 Aug 2010 | Christopher Critchlow  
  Christopher Critchlow, OAC Chief Executive, will be speaking at Infoline's 4th Annual Stress Testing for Insurers Conference on 26 October 2010. With other high profile industry speakers we look forward to a really informative event.  
  http://www.informaglobalevents.com/event/InsuranceRisk  
     
  About OAC: OAC helps lead the way with the rise of home working  
  Wed, 04 Aug 2010 | Christiane Perera  
  OAC was interviewed for The Guardian about its pioneering teleworking environment and how it has impacted on its staff. Click on the link to read the full article.  
  http://www.guardian.co.uk/money/2010/aug/03/rise-working-from-home  
     
  Financial Modelling: OAC Present Infoline Workshop on Solvency II Internal Models  
  Sun, 01 Aug 2010 | Darren Richards  
  Members of the OAC modelling consultancy team recently presented a one-day pre-conference Infoline workshop on Internal Models for Solvency II. The day was well received by all attendees. For a demonstration of OAC's Solvency II models using Mo.net or to discuss your Solvency II requirements then please contact darren.richards@oacplc.com.  
  http://www.oac-mo.net  
     
  Interim Resourcing: OAC Advertisement Q3/10: Stay one step ahead as an OAC contractor  
  Tue, 22 Jun 2010 | Colette Lurshay  
  Urgently seeking nearly or newly qualified actuaries... [Click on link to read more]  
  http://oacplc.com/publications/ad0710ir.pdf  
     
  Compliance Consulting: FSA publishes new proposals on Competence and Ethics  
  Mon, 07 Jun 2010 | Conolly Tunnard  
  As part of its RDR initiative, the FSA has published its latest thoughts on Competence and Ethics in CP10/12.  
  http://www.fsa.gov.uk/pages/Library/Policy/CP/2010/10_12.shtml  
     
  Financial Modelling: OAC Advertisement Q2/10: Solvency II in Full HD  
  Wed, 19 May 2010 | Christopher Critchlow  
  OAC Actuaries and Consultants are helping firms make the switch to Solvency II with financial modelling, consultancy and interim resourcing support. See how our Mo.net QIS5 model helps you create a sharper picture of all the capital risks facing your business.  
  http://oacplc.com/publications/ad0610fm.pdf  
     
  Compliance Consulting: Payment Protection Insurance (PPI) set for sale ban  
  Mon, 17 May 2010 | Conolly Tunnard  
  Competition Commission seeks to ban sales of PPI at the time loans are granted.  
  http://news.bbc.co.uk/1/hi/business/10116339.stm  
     
  Financial Modelling: OAC Topical Article Q2/10: Advances in spreadsheet modelling - Managing the risk  
  Tue, 11 May 2010 | David van der Merwe  
  This article discusses the trade-off between the flexibility of spreadsheet modelling and the increased risk and lack of audit which could occur when overextending spreadsheet models.  
  http://www.oacplc.com/publications/oac-topical-article-0510fm.pdf  
     
  Interim Resourcing: OAC Topical Article Q2/10: The future brightens for Actuarial Contractors  
  Tue, 11 May 2010 | Colette Lurshay  
  The latest quarterly labour market survey dated 29 April 2010 from the Chartered Institute of Personnel and Development and KPMG shows that the private sector jobs recovery is gathering pace... [Click on link to read more]  
  http://www.oacplc.com/publications/oac-topical-article-0510ir.pdf  
     
  Financial Modelling: Mo.net at the Actuarial Profession's Health and Care Conference on 12-14 May 2010  
  Fri, 07 May 2010 | Darren Richards  
  OAC will be demonstrating Mo.net financial modelling software to the actuarial health and care community at this year's venue for the Ryder Cup, The Celtic Manor Resort in Wales.  
  http://www.oac-mo.net  
     
  Compliance Consulting: OAC Topical Article Q2/10: Treating Customers Fairly - A matter of transparency (health and care edition)  
  Thu, 06 May 2010 | Conolly Tunnard  
  In this article Conolly Tunnard, OAC Compliance Consultant, explores the issues of Treating Customers Fairly with protection-based contracts of insurance.  
  http://oacplc.com/publications/oac-topical-article-0510cc.pdf  
     
  Compliance Consulting: Financial Services Authority consults on its new powers  
  Fri, 30 Apr 2010 | Conolly Tunnard  
  FSA Consultation Paper 10/11 "Implementing aspects of the Financial Services Act 2010" consults on the new powers given to the FSA.  
  http://www.fsa.gov.uk/pubs/cp/cp10_11.pdf  
     
  Compliance Consulting: FSA takes action against banks over complaint handling  
  Thu, 29 Apr 2010 | Conolly Tunnard  
  This document explains the action the FSA is taking against the banks' failure to treat customers fairly in their handling of consumer complaints.  
  http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/074.shtml  
     
  Insurance Consulting: OAC will be presenting at Quilter's annual Friendly Society seminar on 14 May 2010  
  Mon, 19 Apr 2010 | Christopher Critchlow  
  Roger Comber, Practice Leader of Compliance Consulting, will be speaking at Quilter's annual seminar for Friendly Societies at Hampton Manor near Solihull on 14 May 2010. Roger's speech will be: "Regulation: Olympic issues for 2012 and beyond". Christopher Critchlow, Chief Executive, will also be giving a brief update on action required for Solvency II.  
  http://www.quilter.co.uk  
     
  Outsourcing Solutions: More than GBP150 million in redress but further industry action needed as FSA updates on pension switching  
  Mon, 12 Apr 2010 | Christine Rose-Williams  
  In updating the thematic review findings published in 2008, the FSA warns that whilst some firms have made positive progress there is still room for improvement in the quality of pension switching advice. Citing that some firms had not embraced the need for change, and some have taken no or little remedial action, the FSA sends a clear warning that past sales reviews must be conducted objectively.  
  http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/063.shtml  
     
  Insurance Consulting: OAC will be exhibiting at the Actuarial Profession's Health and Care Conference at The Celtic Manor Resort on 12-14 May 2010  
  Thu, 08 Apr 2010 | Christopher Critchlow  
  We are looking forward to a busy conference where we can demonstrate our full range of services and solutions. The health and care industry is facing some important challenges over the next few years, and OAC is ideally positioned to add real value to the operations of our clients.  
  http://healthandcare.actuarialevents.com  
     
  Insurance Consulting: The Board for Actuarial Standards (BAS) decide not to issue a separate standard for actuarial information used in accounts and other financial documents  
  Mon, 29 Mar 2010 | Christopher Critchlow  
  BAS today published its response to its consultation paper on issuing a separate standard on actuarial information used for accounts and other financial documents. Many respondents to the consultation were concerned that the rationale for a separate standard was not strong enough, that there was insufficient content and that it could lead to unnecessary duplication with other standards. Accordingly BAS has decided not to progress its proposals in this area.  
  http://www.frc.org.uk/bas/publications/pub2257.html  
     
  Compliance Consulting: What intensive supervision means for small firms  
  Wed, 24 Mar 2010 | Roger Comber  
  The title says it all, really. This is the text of a speech given by Linda Woodall (Head of the Savings and Investments Department in the FSA's Small Firms and Contact Division) to the Association of Professional Compliance Consultants' London Forum earlier this month. I think it merits wider circulation.  
  http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0309_lw.shtml  
     
  Compliance Consulting: FSA Financial Sector Outlook: Insurance Sector Digest  
  Wed, 24 Mar 2010 | Roger Comber  
  Taking just five pages to outline the risks facing insurance companies in 2010, and a couple more on Solvency II, this digest is a readable and attractive alternative to the 88 pages of the FSA's full Financial Risk Outlook report. It gives a useful "heads-up" on some responses firms may be considering to current market challenges that, if pursued, may attract critical regulatory attention.  
  http://www.fsa.gov.uk/pubs/plan/sdg_ins.pdf  
     
  Compliance Consulting: FSA Financial Sector Outlook: Retail Intermediaries Sector Digest  
  Wed, 24 Mar 2010 | Roger Comber  
  The FSA published its annual Financial Risk Outlook for 2010 on 10 March. This less widely publicised digest is a summary of the risks that the FSA expects to face IFAs and mortgage advisers, amongst others. It is both a more manageable bedtime read than the full version, and useful as a pointer to the things that are likely to be on the minds of monitoring teams when they come calling.  
  http://www.fsa.gov.uk/pubs/plan/sdg_ri.pdf  
     
  Insurance Consulting: Logo for Associate Members of the Association of Financial Mutuals  
  Mon, 22 Mar 2010 | Christopher Critchlow  
  OAC is pleased to include the new Association of Financial Mutuals logo within its communications. OAC was a founding Associate Member of the Association of Friendly Societies, which officially merged with the Association of Mutual Insurers on 1 January 2010.  
  http://oacplc.com/insuranceconsulting/friendlysocietyservices  
     
  Outsourcing Solutions: The assessment and redress of payment protection insurance complaints - FSA publishes 2nd Consultation Paper  
  Wed, 17 Mar 2010 | Christine Rose-Williams  
  Consultation Paper CP10/6 reflects industry and consumer feedback received on CP09/23. The closing date for responses to CP10/6 remains 22 April 2010.  
  http://www.fsa.gov.uk/pages/Library/Policy/CP/2010/10_06.shtml  
     
  Financial Modelling: Mo.net to get WPF face lift  
  Tue, 16 Mar 2010 | Darren Richards  
  The next major release of Mo.net due in late 2010 will include interface features that take advantage of Windows Presentation Foundation (WPF). WPF is the next generation presentation system developed by Microsoft and will enhance the experience of using Mo.net.  
  http://www.oac-mo.net  
     
  Compliance Consulting: OAC Topical Article Q1/10: The perils of holding a Controlled Function - FSA's latest moves on governance  
  Thu, 11 Mar 2010 | Roger Comber  
  One of the causes of the crisis that hit the banking sector last year is widely alleged to be a lack of adequate governance within those institutions. It is therefore to be expected that the FSA is to be heard proclaiming the need for better governance in financial services firms, generally... [Click on link to read more]  
  http://oacplc.com/publications/ta0310cc.pdf  
     
  Interim Resourcing: OAC Advertisement Q1/10: Flying high as an OAC contractor  
  Thu, 11 Mar 2010 | Colette Lurshay  
  Through highly flexible and innovative working methods and practices, OAC is proud to operate on an extremely competitive fixed 10% margin, which is instrumental in successfully securing contracts for our contractors... [Click on link to read more]  
  http://oacplc.com/publications/ad0310ir.pdf  
     
  Insurance Consulting: OAC Focus Q4/09: The Actuarial Profession - Life Convention 2009 Edition  
  Thu, 11 Mar 2010 | Christopher Critchlow  
  It never ceases to amaze me just how much change there always seems to be in this industry. Last year we were going through one of the worst financial storms seen in 75 years or more. In the aftermath we are now going through a phase of regulatory consolidation at both a local UK and European level... [Click on link to read more]  
  http://oacplc.com/publications/fc1109lo.pdf  
     
  Insurance Consulting: OAC Topical Article Q4/09: FSA's Dear CEO letter to Mutuals  
  Thu, 11 Mar 2010 | Christopher Critchlow  
  Mutual insurance companies and friendly societies should all have received a letter from the FSA setting out its views on various aspects of with-profits business. This article explains what the letter is saying and provides a brief commentary on its implications... [Click on link to read more]  
  http://oacplc.com/publications/ta1009ic.pdf  
     
  Financial Modelling: Mo.net user newsletter announced  
  Wed, 17 Feb 2010 | Darren Richards  
  Due to the significant increase in Mo.net users during 2009, the OAC team will publish a bi-monthly newsletter to share new Mo.net developments and usage tips with the expanding user group. First edition will be published early March 2010 and will be emailed to all licenced users.  
  http://www.oac-mo.net  
     
  Financial Modelling: Mo.net RSS feed launched  
  Mon, 08 Feb 2010 | Darren Richards  
  OAC today launched the Mo.net financial modelling software RSS feed. This will allow users of Mo.net and interested potential clients to receive real-time information on Mo.net plans, usage, business wins and product launches.  
  http://www.oac-mo.net  
     
  Financial Modelling: Mo.net listed on InsuranceERM website  
  Mon, 08 Feb 2010 | Darren Richards  
  Mo.net has now been listed on the industry-leading website InsuranceERM amongst other Solvency II modelling software. We wish to thank Peter Field and the team at InsuranceERM for allowing us to highlight Mo.net's abilities and power for Solvency II implementations on such an esteemed site.  
  http://www.insuranceerm.com/analysis/financial-and-risk-modelling-software-moves-into-qualitative-areas.html