The Financial Services Authority (FSA) has fined General Reinsurance UK Limited (GenRe UK) £1.225 million for arranging two improper reinsurance transactions.
In doing so, GenRe UK breached the regulator’s Principle Two by not conducting its business with due skill, care and diligence and Principle Three by not organising and controlling its affairs responsibly and effectively.
Scottish house price growth continues
Scottish house prices have continued to rise, according to Lloyds TSB Scotland House Price Monitor.
While the figures showed volatility, the underlying annual increase ranged from plus 8 per cent in Glasgow to plus 15 per cent in Aberdeen.
In the three months to 31 October 2006, the quarterly price index for the average domestic property in Scotland rose by 2.6 per cent to give an average mix adjusted Scottish house price of £145,593.
