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FSA : Peter Vipond to head new department

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The FSA has appointed a new manager within their Insurance Division.

Peter Vipond will lead the new Insurance Sector and Prudential Support Department as of early next year. The new department within the Insurance Division will bring together specialists to support the FSA’s supervision of insurance companies.

Mr Vipond is experienced in the insurance industry, having previously worked for the Association of British Insurers where he was the Director of Financial Regulation and Taxation and where he represented the UK insurance industry. Before that he was a Director in the Wholesale Markets Team at the British Bankers Association dealing with market risk and credit risk as well as risk-based supervision.

The new department will be responsible for:

– Insurance sector oversight: Co-ordination of the central identification of risk across the insurance sector, management of external stakeholders, and oversight of insurance specific training.

– Cross-Division supervisory support: Managing risk across the Insurance Division through work with the Risk and Accounting teams and other FSA specialists.

– Cross-Division policy implementation issues: Influencing the development and implementation of policy changes such as recovery and resolution, policyholder protection, and working with the prudential policy team.

– International representation: Providing senior representation on international insurance committees (e.g. IAIS).