London company market trade body the International Underwriting Association (IUA) has welcomed the Bank of England (BoE)'s appointment of Sam Woods as executive director for insurance supervision but has expressed concern over a lack of experience in the insurance sector.
Regulation ushered in after the financial crisis should be reassessed to ensure that wholesale and retail markets are treated differently, according to the UK's Crown Representative for Insurance Michael Wade.
A landmark case has seen ratings agency Standard & Poor's (S&P) agree to pay the US Securities and Exchange Commission (SEC) more than $77mn to settle three cases based on fraudulent misconduct in its rating of certain commercial mortgage-backed securities (CMBS).
