As a great communicator, the Financial Services Authority produces really clear guidance. Paul Sharma’s speech ‘Implementing Solvency II: Myths and challenges’ does just that.
The FSA is a great communicator (unusual for an organisation). Every now and then it produces really clear guidance. A speech from Paul Sharma Implementing Solvency II: Myths and challenges is exactly that.
At the end he says “What should firms be doing now?
- Complete QIS5 on a “for real basis” (not best efforts) to get the most from this exercise. Help us to help you by using the proposed methodologies and providing feedback (e.g. present value of in force business).
- Ensure all aspects of the new regime are given equal priority and consider their implications on the way you will need to run your business.
- Whatever your plans, start engaging with us as early as possible.
- Think about reporting and documentation as Solvency II will require firms to report and disclose more information and more frequently.
- Plan and prepare for adjustments and adaptations to be made to your implementation plans, in particular resource allocation and technical upgrades.”
– Mark Davies