PRA urges industry to improve disclosure mechanisms
Regulator used a Dear CEO letter to raise concerns about whether staff feel able to speak up about poor practices and unidentified risks within their firms.
The Prudential Regulation Authority (PRA) has urged general insurance firms to develop and preserve a culture which makes staff feel comfortable with speaking up and flagging worries that they may have.
Gareth Truran, acting director for insurance supervision at the PRA, made the recommendations in a ‘Dear CEO’ letter published yesterday (5 November).
In the letter, Truran stated that there should be mechanisms put in place to help staff report concerns, which should also involve non-executive
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