Just so you are aware, I may issue a retraction of all the true bits of this email later on tonight after I have had a row with Dominic Raab
Straight outta Stratford
FCA has been uncommonly busy over the last 24 hours. Yesterday’s daily email brought news of its less than helpful thoughts on PI cover. No comment on what you might do if you have a claims made policy up for review and your insurer tries to introduce a pandemic exclusion clause that would invalidate any E&O claim relating to advice you might have given. If you are seeing this issue arise (or any other around PI) let me know and I will raise it with them.
The email also included some more progressive thinking around the treatment of people who cannot complete their qualifications due to the current lockdown.
And today we got a separate update on FCA’s extending timetables for certain regulatory reporting – and waiving admin fees for small firms.
And in twenty minutes I will be on the weekly Trade Association call with the Sages of Stratford and will provide any interesting titbits from there before we hit send tonight.
And I learned the following.
- FCA is monitoring firm responses on BI cover in line with its Dear CEO letter;
- This is an “ongoing area of interest”; and
- Men with posh accents should never, ever use the phrase “can I give a shout out” because they sound ridiculous
Statistical evidence is emerging to show that you really are all exploiting the fact that no one can see below your waist at the moment. Just hope and pray that you don’t have to go and pay the window cleaner halfway through a team meeting, as happened to someone we will refer to as Mr X (although his real name is James Livett) #busted #notrousers
Whole lotta rosie
OECD has produced a report on tax and fiscal policy in response to the coronavirus crisis. On 15 April, during a virtual meeting of G20 Finance Ministers and Central Bank Governors, the OECD presented the report that had been requested by the Saudi G20 Presidency. The report takes stock of the emergency tax and fiscal policy measures introduced by countries worldwide. It discusses how tax and fiscal policy can cushion the impact of continued containment and mitigation policies and subsequently support economic recovery. It also outlines the major policy reforms that will be needed to prepare for restoration of public finances. It provided the Saudi presidency with sufficient comfort as to the ongoing health of the global economy that it decided to go ahead with the acquisition of Newcastle United (this last bit may not be true – Ed).
OECD has also been looking at the potential economic impact of the coronavirus containment measures. This highlights that, whilst it may be going to be bad here, it will be even worse for members of The Vapors (Turning Japanese – I have finally made a reference I feel the need to explain to myself in case anyone asks)
Apparently we are on avearge all sleeping for 48 minutes more each morning and not setting an alarm. Although the data is silent on how much longer we are staying up (on average) and how much drunker the average go-to-bedder is – imprtant staistics in my view. I would like to emphasise that none of this applies to your puritanical LIIBA team. We are all up at dawn to carry the broker fight each morning and rarely cease until we slump asleep at our workstations. That is the mark of our dedication to your cause…
Have you ever seen anything WSIA?
Our friends at Wholesale Specialty Insurance Association (WSIA) have produced an excellent collation of the various Covid-19 declarations in the individual states in US. No word yet from Kentucky (although the Colonel has shut his shops), Minnesota (perhaps not surprising from the state that brought you Walter Mondale), New Hampshire (Jedd Bartlett can’t get the virus), South Dakota (nor can Crazy Horse), Utah (bit surprising – some quite large family groupings that you might have thought would aid contagion), and Wyoming (no people – no danger).
Back to work on the latest craze – your greatest XI made up of players you have seen live but only one from any country and one from any club. Zizou or Titi? Such choices…