It goes without saying that financial regulators are noticeably stepping up their scrutiny these days. Or rather, it would go without saying, but RSA group general counsel Derek Walsh has quite a lot to say about it. “For a business, we feel we are putting a tremendous amount of time and resource into meeting regulatory requirements,” says Walsh, who has seen a steep increase in day-to-day dealings with regulators since he joined the FTSE 100 insurer in 2010.
The pressure is clearly on. Fair enough, one might think. But Walsh points to the Prudential Regulation Authority’s current consultation on a new regulatory framework for senior insurance managers amid proposals to change the approved persons regime. This parliament-backed scheme governs individuals at UK banks, building societies and investment firms. Walsh, however, has voiced concerns that this is yet another example of insurers paying the price for the regulatory failings of the banks.
