Pearl: FSA Statement
14/10/2002
The FSA has responded to remarks made by Mr. Andrew Mohl about the future of Pearl Assurance. Mr. Mohl, talking about Pearls solvency margins, said that there are obviously at least a dozen other companies who are in a similar or if not worse predicament. He went on to say Pearl was one of a pack.
The FSA says: We have no idea what Mr. Mohl is referring to, or where he is getting his information from. Certainly not from the FSA. When asked about this on the BBC Radio Moneybox programme on Saturday, October 5th, John Tiner, Managing Director., Insurance, said: There are no other major firms (other than Pearl) that are operating below their solvency margins.
The FSA adds: We reiterate that life offices have significant ability to withstand further large falls in equity values. This is based on our recent survey of the realistic liabilities of the 20 largest life offices.
Notes for editors
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.