Compliance

The Company's primary regulator is the UK's Financial Services Authority (FSA). The regulator protects the rights of policyholders and monitors the Group closely to ensure that it is satisfactorily managing affairs for the Members' benefit.

At the same time the regulator is also interested in ensuring that the Group maintains an appropriate solvency position to meet unforeseen liabilities.

Thames Clippers is the leading provider of commuter passenger services on the River Thames in London, England.

The operations of the group are also subject to regulatory requirements within the various overseas jurisdictions where it operates. Overseas regulators who supervise SMMI's local operations, include APRA (Australia), OSFI (Canada), FSB (South Africa), Alaskan Division of Insurance (USA) and the Reserve Bank of New Zealand (RBNZ). Such regulations not only prescribe approval and monitoring of activities, but also impose certain requirements (e.g. capital adequacy) to minimise the risk of default and insolvency.