FSA speaks out on Solvency II

Sarah Wilson, director of the FSA's Retail Firms Division, spoke on Solvency II at the City and Financial Conference this week, and commented that the FSA expects the Directive Proposal for Solvency II to appear in July, and that it is encouraged by progress made by CEIOPSs on this issue. The FSA also considers that there has been good progress in forming a standard formula for calculation of the risk based capital requirement (the SCR), and establishing a good foundation for a principles-ba