UK Only Article:
Regulating financial firms
An American court sides with a big insurer against a powerful new regulator
LIFE-INSURANCE companies usually go to inordinate lengths to demonstrate their dullness. That makes MetLife’s chief executive, Steven Kandarian, extraordinary. He did what the head of no other big American financial firm has dared to: challenge head-on the legitimacy of the business-shaping decisions made with increasing frequency by regulators in the wake of the financial crisis. More remarkable still, he won. On March 30th a federal court ordered the Financial Stability Oversight Council (FSOC), a new regulatory committee, to rescind its designation of MetLife as a “strategically important financial institution”—a label that required it to have a bigger, and thus more expensive, cushion of capital.
MetLife is one of only four non-banks to have been declared a SIFI. Prudential Insurance, …
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