HM Treasury has published its response to the feedback received from its January 2023 consultation paper titled “Introducing an Insurer Resolution Regime”. The consultation sought feedback on proposals to...
Author - Jasmine Zacher
Jasmine Zacher
FCA publishes Annual Report and Accounts 2022/23
The FCA has published its Annual Report and Accounts 2022/23. The Report sets out the FCA’s progress and key achievements during the first year of implementing their three year strategy. The report highlights what...
FCA updates perimeter report
The FCA has updated its perimeter report setting out the scope of what it does and does not regulate. The report describes specific issues the FCA perceives around its regulatory perimeter, and the action it is taking...
UK Sustainability Disclosure TAC issues call for evidence
The Financial Reporting Council (FRC), acting as The Secretariat to the UK Sustainability Disclosure TAC, has issued a call for evidence seeking input to support the potential endorsement of the International Financial...
PRA releases statement on the recalculation of TMTP
The PRA has released its statement to insurance firms inviting them to recalculate the Transitional Measure on Technical Provisions (TMTP). In accordance with Supervisory Statement (SS) 6/16 ‘Maintenance of the...
IAIS publishes mid-year update on global insurance market
The International Association of Insurance Supervisors (IAIS) has published its Global Insurance Market Report: Mid Year Update, which provides a mid-year preview of its 2023 Global Monitoring Exercise (GME) results...
FCA launches new webpage on fee rate movement 2023/24
The FCA has published its new webpage on its fee rate movement for 2023/24. The new webpage contains a table which explains the changes in fee rates since last year. The FCA notes that its AFR has increased in 2023/24...
FCA reviews impact of investment pathways on consumer outcomes
The FCA has published its focused post-implementation review on investment pathways. The review focuses on rationale and take-up, value, communications and asset allocation for investment pathways, and how these could...
FCA launches website on reporting AR data
The FCA has published a new webpage containing information for principal firms on how to report Appointed Representatives data. The webpage, which will be kept up to date, contains information for firms on: why the FCA...
FCA launches new webpage on regulatory hosting services
The FCA has published a new webpage containing information for principal firms operating as regulatory hosts. Such firms usually carry out minimal or no regulated activity. Rather, it oversees the use of its permissions...
PRA publishes insights from thematic review addressing insurance claims inflation
The PRA has published its follow up letter to Chief Actuaries of general insurance firms and Lloyd’s Managing Agents regulated by the PRA. The letter provides insights from the PRA’s thematic review of...
PRA letter to CROs provides feedback on funded reinsurance arrangements
The PRA has published a Letter from Charlotte Gerken, Executive Director, Insurance Supervision, to Chief Risk Officers (CROs) of life insurance firms sharing insights and feedback on the PRA’s preliminary thematic...
FCA publishes access to cash data
The FCA has published its data on geographical access to cash coverage in the UK for Q1 2022 and Q2 2022. The FCA and Payment Systems Regulator (PSR) gather and update data on access to cash on a quarterly basis. The...
FSCS confirms latest 2023/24 levy forecast of £270m
The FSCS has published its latest Outlook update, which includes its revised compensation and levy forecasts for 2023/2024. The update confirms the FSCS has revised its levy forecast for 2023/24 to £270m. While this is...
FCA consults on remuneration for dual regulated firms
The FCA is consulting on its proposed changes to the remuneration rules for dual-regulated firms. The consultation (CP23/11) aims to ensure that remuneration rules for smaller, less complex firms that fall under dual...
FSSC Publishes Report: Reskilling Everywhere All At Once, Skills for the future of financial services 2023
The Financial Services Skills Commission (FSSC) has published its report on reskilling for the future of the financial services industry. The report suggests UK businesses prioritise and implement reskilling programs to...
BoE speech: climate action: approaching a tipping point?
Sarah Breeden, BoE Executive Director of Financial Stability, Strategy and Risk, has delivered a speech emphasizing the role governments, businesses, finance and central banks play in the transition towards climate...
AI governance impact analysis evidence published
On 29 March 2023, the government published its AI white paper setting out its regulatory approach to AI in the UK. Simultaneously: the Department for Science, Innovation and Technology (DSIT) and the Office for...
FCA publishes BI insurance test case insurance claims data
The FCA has published its latest insurer claims data (as of 6 March 2023) from all affected insurers on the progress of their non-damage business interruption (BI) insurance claims. The FCA has been collecting data on...
FCA publishes Notice of Undertaking by Policy Excess Insure Limited T/A Nova Direct
Policy Excess Insure Limited trading as Nova Direct (PEI) has given an undertaking, under the Consumer Rights Act 2015 (the CRA), making changes in relation to three terms in its insurer broker contract (for the sale of...
PRA speaks on UK insurance sector risks
Shoib Khan, the PRA’s director for insurance supervision, has given a speech on the current risks facing the UK insurance sector. He highlighted that insurers should examine beyond the structure of their models...
FCA requires improvements on ESG benchmarks
The FCA has published its letter to administrators outlining where improvements are needed in ESG benchmarks. The FCA had previously highlighted the risk of poor disclosures for ESG benchmarks within its September 2022...
FCA calls for input on SME access to FOS
The FCA has launched a call for input to ascertain whether the thresholds for SMEs to be able to refer complaints to the FOS remain appropriate. The FCA’s policy objective is to provide access to the Ombudsman...
FCA priorities for payments firms
The FCA has published a portfolio letter setting out its priorities for payments firms. The FCA raised concerns that many payments firms do not have sufficiently robust controls, and it considers this an increased risk...
Pro-innovation Regulation of Technologies
HM Treasury has published the report presented by Sir Patrick Vallance, the Government Chief Scientific Adviser, on Pro-innovation Regulation of Technologies Review: Digital Technologies. The report highlights the...
FATF publishes Countering Ransomware Financing report
FATF has published its report on countering ransomware financing, which analyses the methods criminals use to carry out ransomware attacks and how payments are made and laundered. It reveals that criminals predominantly...
BoE updates webpage on ISO 20022
The BoE has updated its webpage delivering information on ISO 20022: the new messaging standard for CHAPS and RTGS. It outlines its migration and policy approach timelines, and stakeholder requirements. On 19 June 2023...
FSM Bill Committee day 8
On 13 March 2023, the House of Lords Grand Committee continued its line by line examination of the FSM Bill, which took place during the eighth day of committee stage. The amendments that were discussed covered clauses...
BoE consults on the non-performing exposures capital deduction
The BoE (PRA) has published its consultation paper (CP6/23) on the non-performing exposures capital deduction. The PRA is proposing to remove the Common Equity Tier 1 (CET1) deduction in the PRA Rulebook, which relates...
FCA publishes its Perimeter Report 2023
The FCA has published its latest annual Perimeter Report. It highlights some of the challenges faced within the current financial services regulatory perimeter and signposts desired future action the FCA would like to...
FATF publishes international standards on combating money laundering and the financing of terrorism & proliferation
FATF has published its international standards on combating money laundering and the financing of terrorism & proliferation. The recommendations contain a comprehensive and consistent framework of measures for...
FCA publishes FGF’s multi-firm review
The FCA has published its findings and expectations of FCA solo-regulated fast-growing firms to identify, assess and manage the risks arising from their activities. In particular, this multi-firm review of 25 FCA solo...
FCA releases guidance for firms supporting mortgage borrowers with rising cost of living
The FCA has provided its finalised guidance (FG 23/2) for firms seeking to assist their existing customers facing higher mortgage payments and interest rates due to the rising cost of living. The guidance clarifies the...
BoE reveals 20% higher chance of insurance firms collapsing due to Solvency II reforms
The BoE has published a letter to the Treasury Committee revealing that Government proposals to overhaul Solvency II rules to reduce how much capital life insurers must hold to protect themselves against bankruptcy...
Economic Secretary speaks at ABI’s Annual Conference
Andrew Griffith MP, the Economic Secretary to the Treasury, has delivered his keynote speech at the Association of British Insurers’ Annual Conference highlighting government action which aims to promote growth...
PRA speaks on ‘Fundamental Spreads’ – next steps for Solvency II reforms
Sam Woods, Deputy Governor for Prudential Regulation and PRA CEO, has delivered his speech ‘Fundamental Spreads’, highlighting the next steps for reforming the Solvency II insurance regulations in the UK. Mr...
LMA launches CUO Committee for market-wide strategic initiatives
The Lloyd’s Market Association (LMA) has announced its launch of the Chief Underwriting Officers’ (CUO) Committee. The committee will portray managing agents’ perspectives on Lloyd’s strategic initiatives...
PRA consults on dealing with insurers in financial difficulty
The PRA has published its consultation paper (CP3/23) and appendices seeking consultation on its proposed rules and policy changes introduced by the Financial Service and Markets Bill 2022-23 (FSM Bill) to the Financial...
LMA updates on ESG Insights for Insurers
The Lloyd’s Market Association (LMA) has highlighted the importance of ESG data for insurers and the role it will play in underwriting approaches to sustainability strategy. Links to these insights and the report...
BoE publishes response to remit for PRC – Jan 2023
The BoE has published its response to the remit for the Prudential Regulation Committee (19 January 2023) in its letter from Andrew Bailey, Governor, to Jeremy Hunt, Chancellor. The letter responds to the...
PRA publishes results of Insurance Stress Test 2022
The PRA has published its Insurance Stress Test 2022 (IST 2022) feedback (23 January 2023). The letter sets out the results of the IST 2022 which was launched in May 2022, findings on sector resilience, and provides...
FCA releases consultation paper on insurance guidance for the support of customers in financial difficulty (CP23/1)
The FCA has released its consultation paper on insurance guidance for the support of customers in financial difficulty (CP23/1). The FCA views that the number of customers in financial difficulty has increased in recent...
BoE (PRA) publishes Dear CEO Letters – 2023 Priorities for Insurance supervision, International Banks active in the UK, and UK Deposit Takers Supervision
On 10 January 2023, the BoE (PRA) published the following Dear CEO letters outlining its key supervisory priorities for insurers, international banks active in the UK, and UK Deposit Takers in 2023: Insurance...
FCA Publishes Portfolio Strategy Letter for CMCs
The FCA has published its Portfolio Letter outlining its Portfolio Strategy for Claims Management Companies (CMCs). The FCA sets out its updated view of harm and key risks that CMCs pose to their customers, its...
BoE releases annual report on supervision of FMIs
The BoE has published its 2022 annual report on its supervision of financial market infrastructure firms (FMIs). FMIs provide services, such as payments, and networks that facilitate financial transactions. The...
Regulators consult on removing bonus cap limits
The FCA and PRA have released their consultation paper (PRA CP 15/22 | FCA CP22/28) on their joint proposed rule changes to remove the existing limits on the ratio between fixed and variable components of total...