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With Christmas right around the corner, talk has almost exclusively turned to the stuffing of the ceremonial Christmas

Lucy Clarkson on the beach

turkey, whether the tree will be a genuine fir or a store-bought artificial monstrosity this year, and what department shops provide decent last minute gift deals. That’s all well and good, but what is everyone wearing during the festive season I hear you cry, and rightly so too. Well, with Jack Frost casting his pesky mitts over yet another December, you’d be forgiven in thinking your only choice of appropriate attire would be the loyal coat that takes you from season to season, a decent set of boots, and a pair of gloves to keep frostbite at bay. But fear not, as listed below are the top 5 trends to keep you feeling warm, and looking effortlessly cool over this Holiday and the next. Talk about a Merry Christmas!

Fake Furs

It’s comfy, comes in all manner of shades and lengths, and best of all, keeps you toasty on those nights you’re not roasting chestnuts by an open fire. What’s not to love? Fashion-forward shoppers everywhere seem to have succumbed to a rampant case of fur-fever over the course of the season, and with everywhere from vintage stores to high-street chains stocking the beauties, it’s impossible not to catch the bug. For instant shabby chic, head to H&M, where a short fur number will cost you £69.99, and leave you feeling fabulous all winter long! Look out for a reworking of the fur trend next year, in the forms of Mohair and Afghan (Afghan making its debut on the runways of House of Holland, Givenchy and Lanvin to name but a few).

LEATHER LOVELIES

Channelling your inner rock chic has never been so easy this winter, with spandex-esque leather cropping up in every prominent magazine and display window. Though the classic biker jacket is always a must, the trend has also branched out into leggings and skirts among others. Leather leggings especially have received much attention on the runway, as well as on the high-street. F.Y.I ladies, Topshop have their own faux version retailing for £30.

EMBELLISHMENTS

Studs, sequins, fringe…you name it, we’ve all seen it! Adorning everything from boots to bags to belts, these extras effortlessly add character to any ensemble. Take the archetypical black dress for instance. Stick on a few studs, and voila! It’s given an immediate tough edge, and becomes an instant head-turner. The studded dress can be seen in full force, sashaying through the 2009-2010 shows of designers such as Versace, Dior and Yves Saint Laurent. To get your own little taste of embellished heaven, be sure to nab the Miss Selfridge multi sleeve sequin dress – which at £60.00 expertly incorporates both the sequin and big sleeved trend all at once – while H&M’s fringed bag proves a steal at just £14.99! Now where’s the credit card again?

Thе FSA hаѕ fined Barry Williams, a director аt Surety Guarantee Consultants (SGC), £25,000 fοr hіѕ role іn a scheme thаt defrauded London market insurers οf more thаn £2m.

Thе regulator ѕауѕ whіlе Williams wаѕ nοt directly involved іn thе fraud, hе ignored hіѕ responsibilities аѕ аn approved person bу turning a blind eye despite clear warnings аbουt thе trυе nature οf thе scheme.

SGC wаѕ established іn 2004 tο write a form οf insurance known аѕ surety bonds. SGC held binding authorities wіth London market insurers, supplying no deposit car insurance,  Markel аnd QBE—through іtѕ agent Amalfi—between January 2005 аnd August 2006.

SGC wrote business thаt exceeded іtѕ authorised limits, exposing Markel аnd QBE tο greater liabilities thаn previously agreed. Thіѕ resulted іn SGC mаkіng secret profits аnd withheld over £2m thаt ѕhουld hаνе bееn paid tο thе insurers.

Whеn audited bу thе insurers, SGC аlѕο produced fаlѕе documents whісh ѕаіd іt hаd kept within thе terms οf thе binding authorities.

Despite nοt profiting frοm thе scheme, Williams wаѕ found tο bе ignoring serious concerns аbουt signing surety bonds οn behalf οf thе insurers thаt wеrе іn excess οf thе limits agreed. Hе wаѕ аlѕο found tο bе lying tο insurers іn a bid tο hіdе thе scheme. (article continues below)

Thе fine wаѕ lowered frοm £50,000 bу Thе Upper Tribunal (Tax аnd Chancery Chamber) tο £25,000 іn light οf Williams’ personal circumstances, hοwеνеr, іt upheld thе dесіѕіοn tο ban hіm аnd withdraw hіѕ approvals.

In July 2010, both Timothy Higgins аnd Clifford Felstead οf SGC аnd Ralph Brunswick οf Templeton Insurance wеrе аlѕο banned frοm working іn regulated financial services fοr thеіr role іn thе fraud.

Margaret Cole, thе director οf enforcement аnd financial crime аt thе FSA, ѕауѕ: “In believing thаt hе сουld bе a ’sleeping director’ without incurring аnу responsibility, Williams dіd nοt take hіѕ accountability аѕ аn approved person seriously. Hе recklessly abused thе trust аnd confidence placed іn hіm bу leading London market insurers аnd bу doing ѕο enabled secret profits tο bе mаdе frοm thе fraud bу hіѕ colleagues.

“Thе London market relies οn thе trust аnd integrity οf those whο work іn іt. Thіѕ sort οf breach οf fiduciary duty аnd lack οf integrity amounts tο very serious misconduct аnd wіll nοt bе tolerated іn thе insurance industry οr anywhere еlѕе іn financial services. Wе wіll continue tο take action against anybody еlѕе tempted tο act іn thіѕ way.”

Scores of Nan Shan Life Insurance Co  employees and policyholders yesterday staged a demonstration outside the Financial Supervisory Commission (FSC), asking the regulator to help persuade the US parent, American International Group Inc (AIG), to retain its Taiwan unit.The petition came amid local media reports that AIG officials are meeting potential buyers in Hong Kong to discuss plans to sell a 97.57 percent stake in Nan Shan for the second time after Taiwan thwarted the first attempt on Aug. 31. The cash-strapped US insurance giant is expected to pick a buyer by the end of this year to pay down debts to the US government.  AIG, Please Stay, Don’t Sell Nan Shan,” the demonstrators chanted before handing a petition to FSC insurance official Wu Chung-chuan . Lawrence Lee , a Nan Shan sales agent who led the petition, voiced concern the planned sale would compromise the rights of almost 40,000 employees and 4 million policyholders. The nation’s three largest financial groups, Cathay Financial Holding Co , Fubon Financial Holding Co  and Chinatrust Financial Holding Co  have all expressed interest in acquiring Nan Shan. A Taiwanese consortium led by Ruentex Group also made known its intent to buy the insurer by teaming up with footwear products maker Pou Chen Corp while Primus Financial Holdings Ltd , the previous Hong Kong winning bidder, reportedly is making a comeback bid by joining forces with Goldsun Development & Construction Co of Taiwan. Lee said he and colleagues may lose their jobs if any of the three Taiwanese financial services providers wins Nan Shan because they will implement restructuring measures and rely on their banking arms to sell policies rather than sales agents.The demonstrators yesterday also questioned Ruentex Group chairman Samuel Yin’s  sincerity in running an insurance company, saying he had twice sold his stake in an insurance company to gain profits. Life insurance, no medical, is still available despite this going on. Yin reportedly offered the highest bid of NT$90 billion (US$2.95 billion) for Nan Shan, higher than the previous winning bid of US$2.15 billion offered by a Hong Kong consortium last year, the Chinese-language Economic Daily News reported. US insurer AIG (NYSE: AIG | PowerRating) is expected to announce next week whether it will shortlist two or three bidders for a second round of the sale of its Taiwan unit Nan Shan Life, or pick a winner from the first-round bidders, Reuters cited on Wednesday insiders as saying. AIG said in November it planned to dispose of the unit within two months for some USD2bn (EUR1.5bn) to repay state aid. Taiwanese financial companies Chinatrust Financial (TPE:2891), Fubon Financial (TPE:2881) and Cathay Financial (TPE:2882) and conglomerate Ruentex (TPE:9945) have already confirmed having placed first-round offers for Nan Shan. Two sources told Reuters that there was also a fifth bidder, without giving further details. Primus Financial was said to have returned to the race for Nan Shan by placing a joint bid with Goldsun Development (TPE:2504), after the first USD2.15bn offer it made together with China Strategic was blocked by regulatory bodies in August. Goldsun Development has however denied such a move, Reuters wrote. Country: , Taiwan Sector: Insurance Target: Nan Shan Life Insurance Company Ltd Buyer: Chinatrust Financial Holding Co Ltd, Fifth unnamed bidder, Fubon Financial Holding Co Ltd, Cathay Financial Holding Co Ltd, Samuel Yin Vendor: American International Group Inc (AIG) Deal size in USD: 2bn Type: Divestment Status: Bidding Comment: AIG to announce next step in the bidding next week. A buyer for AIG’s Nan Shan Life unit may be chosen as early as next week. Sources say a preferred buyer may be named on December 15th, or bidders may be shortlisted and briefed on the next step of the bidding process.  As many as five companies have submitted bids including Cathay Financial, Fubon and Chinatrust.  AIG is seeking to sell Nan Shan as part of its efforts to pay back the U.S. Treasury for a $130 billion bailout. Jonathan Lee of Fitch Ratings says Taiwan’s regulators face a tough call, as they attempt to balance expertise and saving jobs. [Jonathan Lee, Vice President, Fitch Ratings]: “The government probably wants to see the buyer have a strong track record in managing a large insurance company. From this consideration, Fubon and Cathay, they probably will be favored. But the government will also have to consider this transaction’s impact on the employment rate.”  No medical life insurance is still readily available though. Regulators rejected an earlier joint bid from Primus Financial and China Strategic on concerns over their fund-raising ability and lack of experience in the insurance business. Nan Shan’s employee union also objected to the deal in May, citing the group’s links to mainland China. Union representative Lan Wei-Ding says workers’ rights remain its top priority. [Lan Wei-Ding, Union Representative, Nan Shan Life]:”If the new buyer can pass the five principles set out by the government, then we believe there won’t be much of a problem. As for the negotiation between the employer and employees, we wish the government to intervene. We would be concerned if the local company got away with the examination of the Council of Labor Affairs, because the process is different from that of the Investment Commission. If the new buyer does not handle the labor and capital problem well, then the dispute could go on, and I think this is not something the new buyer would like to see.”AIG said last month it was hoping to sell Nan Shan Life for about $2 billion and wanted to complete the sale in two months.