UK's Financial Services Authority Looking Into Solvency II Approach

The U.K. Financial Services Authority said Monday it will look into its approach to Solvency II, the Europe-wide capital regime for insurers which appears under threat of being delayed by a year to 2014.

"We are currently considering our approach, taking into account industry feedback, our obligations as regulator and our work with other member-state regulators. We will communicate our approach shortly," a spokesman for the FSA told Dow Jones Newswires.

The comments come after the Financial Times reported earlier Monday that the Association of British Insurers and the Lloyd's of London insurance market have asked the FSA to push ahead with some parts of Solvency II at the start of 2013.

The aim of starting in 2013 is to save U.K. insurers the cost of having to run their old capital assessment models alongside the new models developed for the incoming Solvency II regime.

-By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0) 2078429486, vladimir.guevarra@dowjones.com

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