1. THE UK FINANCIAL REGULATION By Samson Akande

2. REGULATORS  General Insurance Supervision Council (GISC) – Pre 2005  Financial Services Authority (FSA) – From 15/1/2005  NOW – from 1/4/2013 – two authorities  Financial Conduct Authority (FCA)  Prudential Regulation Authority (PRA)

3. Financial Conduct Authority (FCA)  Protection of UK Customers  To ensure that consumers are treated fairly in their dealings with insurers.  Enhancing Integrity of the UK Financial System  Promoting Effective Competition

4. Prudential Regulation Authority (PRA)  To ensure that policyholders have an appropriate degree of continuity of cover for the risk they are insured against.  Monitoring Capital Requirement  Ensuring Adequate Solvency Margins  It will not be the PRA’s role to ensure that no insurer fails.  It will seek to ensure that any insurer that fails does so in a way that allows for an appropriate degree of protection for policyholders and avoids significant disruption to the supply of critical financial services.

5. The Financial Services Compensation Scheme (FSCS)  Protects some policyholders, up to certain limits, in the event of a failure of an insurer.

6. A FRIENDLY AND PROFESSIONAL BROKER  IS CERTAINLY YOUR MOST RELIABLE PROTECTION  SAMSON AKANDE  OAKESHOTT INSURANCE  WECANHELP@OAKINSUR.COM