• About the FSA
  • What we do
    • International and EU
      • European
        • Lamfalussy
          • IWCFC

 

The Interim Working Committee on Financial Conglomerates (IWCFC) comprises high level representatives from both insurance and banking supervisory authorities of the EU. The IWCFC is not a formal Level 3 committee and as such operates under the 'sponsorship' of CEBS and CEIOPS with CESR in an observer role.

• The IWCFC's role is to assess the current state of play as regards the results of transposition and assist in consistent application of the Financial Conglomerates Directive (FCD, 2002/87/EC) regarding the conglomerates identified;
• provide advice to the Commission either at the Commission's request or on its own initiative;
• conduct the review of the FCD;
• the group will tackle the convergence of national supervisory practices on issues with regard, for example, to capital requirements, intra-group transactions and risk concentration; and
• to facilitate the cooperation and coordination requirements between the supervisors involved.

The FSA member of the IWCFC is Thomas Huertas, Director, Banking Sector.