A response to: commercial insurance and reinsurance regulation: a call for evidence from the House of Lords Industry and Regulators Committee
A response to: commercial insurance and reinsurance regulation: a call for evidence from the House of Lords Industry and Regulators Committee
This evidence concerns a short point on the lack of opportunities for the law to develop, where there are insufficient avenues to bring court claims that also fall within the jurisdiction of the Financial Ombudsman Service (FOS). It is argued that one simple legislative change would enable the legal and regulatory framework for insurance and reinsurance to continue to develop in a market-adapted and balanced manner.
We recommend that the Financial Services and Markets Act 2000 be amended with one section or sub-section to reverse the Court of Appeal’s judgment in Clark v In Focus Asset Management.[1] Reversing that decision would permit claims to be brought to court, where the claimant has first successfully sought an adjudication from FOS. As a result, issues where the law needed to develop would see the light of day.
Insurance, Reinsurance, Regulation
Hjalmarsson, Johanna
73a98539-9a14-4e63-bb53-5a7c365ad6e4
Song, Meixian
95735514-86ff-4387-aecb-9f708549047a
Dbouk, Wassim
5027fe6d-3bbb-4ef0-9dbc-9e9650e73493
Serdaris, Konstantinos
82e4c395-ff64-4e39-995d-1131dcd96e26
15 June 2022
Hjalmarsson, Johanna
73a98539-9a14-4e63-bb53-5a7c365ad6e4
Song, Meixian
95735514-86ff-4387-aecb-9f708549047a
Dbouk, Wassim
5027fe6d-3bbb-4ef0-9dbc-9e9650e73493
Serdaris, Konstantinos
82e4c395-ff64-4e39-995d-1131dcd96e26
Hjalmarsson, Johanna, Song, Meixian, Dbouk, Wassim and Serdaris, Konstantinos
(2022)
A response to: commercial insurance and reinsurance regulation: a call for evidence from the House of Lords Industry and Regulators Committee
UK Parliament
Record type:
Monograph
(Project Report)
Abstract
This evidence concerns a short point on the lack of opportunities for the law to develop, where there are insufficient avenues to bring court claims that also fall within the jurisdiction of the Financial Ombudsman Service (FOS). It is argued that one simple legislative change would enable the legal and regulatory framework for insurance and reinsurance to continue to develop in a market-adapted and balanced manner.
We recommend that the Financial Services and Markets Act 2000 be amended with one section or sub-section to reverse the Court of Appeal’s judgment in Clark v In Focus Asset Management.[1] Reversing that decision would permit claims to be brought to court, where the claimant has first successfully sought an adjudication from FOS. As a result, issues where the law needed to develop would see the light of day.
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More information
Published date: 15 June 2022
Additional Information:
Hjalmarsson, J. et al (2022), A response to: commercial insurance and reinsurance regulation – a call for evidence from the House of Lords Industry and Regulators Committee
Keywords:
Insurance, Reinsurance, Regulation
Identifiers
Local EPrints ID: 468505
URI: http://eprints.soton.ac.uk/id/eprint/468505
PURE UUID: d260a319-a891-4fd6-a659-8c58e89e864d
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Date deposited: 17 Aug 2022 16:30
Last modified: 17 Mar 2024 03:25
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