The FSA has published a feedback statement outlining the responses received to its discussion paper, 'The Path to Solvency II'. The statement stresses the importance of early planning for Solvency II – according to the FSA, firms should be close to completing a detailed gap analysis identifying potential shortfalls in their compliance with Solvency II. The FSA's statement also includes a high level timeline for the steps leading to Solvency II's implementation. Although intended for UK authorised insurers and reinsurers, this document is a useful benchmark of the steps which may need to be taken by insurers and reinsurers across the EU in advance of the implementation of Solvency II.