Non-execs do not understand consequences of Solvency II reporting, FSA warns

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Non-executive directors (Neds) do not fully understand the impact of the regulatory reporting requirements of Solvency II, Victoria Raffe, head of prudential insurance policy at the Financial Services Authority (FSA), has warned.

Speaking at Life & Pension Risk's Solvency II conference in London yesterday, Raffe said Neds remained preoccupied with concerns over the costs and process of Solvency II implementation but failed to consider the scale of the behavioural change resulting from the new

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