The Financial Regulator has published proposals for new corporate governance standards for credit institutions and insurance companies. Proposals for minimum standards and expectations are set out in a consultation paper and cover such issues as membership of the Board of Directors, the role of the Chairman and the operation of various board committees.  If implemented, the requirements will apply to all credit institutions and insurers licensed or authorised by the Financial Regulator, including authorised subsidiaries of international financial services groups. In addition, the consultation paper seeks views on the extension of the proposals to investment firms. Failure to comply with the requirements (once implemented) may be subject to sanction under the Administrative Sanctions Framework.  

Following public consultation until 30 June 2010, the Financial Regulator intends to publish the new corporate governance standards in Autumn 2010.