Prudential Regulation Authority (PRA)
Aviva responds to Direct Line’s £10.6m fine
Aviva has confirmed it was fully aware of the ‘historical’ accounting errors that have led to the Prudent Regulation Authority hitting Direct Line Group with a £10.6m fine and stated there will be no impact on the integration or the financial benefits it expects from the takeover.
Aviva/DLG set for July as regulators rubber stamp takeover
The Financial Conduct Authority and the Prudential Regulation Authority have given the greenlight to Aviva buying Direct Line Group clearing a pathway for the deal to complete next month.
FCA scraps D&I rules plan and delays non-financial misconduct update
Regulators have ended work on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms.
FCA and PRA committed to driving competition and innovation
The Financial Conduct Authority is looking at what rules can be stripped out following Consumer Duty and if fair value assessments need to be every year.
US insurance group looks to sign up MGA partners after UK arm gets PRA nod
US specialty insurer Fortega has received approval to establish Fortegra Insurance Company UK.
MPs and peers slam “incompetent at best, dishonest at worst” FCA
A cross-party group of MPs and peers has hit out at the Financial Conduct Authority and demanded substantial changes after its call for evidence found the regulator “is seen as incompetent at best, dishonest at worst”.
Wakam receives PRA approval for new £500m GWP UK insurer
French insurance group Wakam has told brokers thinking of setting up their own managing general agents to consider it as a capacity partner after receiving regulatory approval for a new UK subsidiary.
Select Committtee slams lack of progress on sexual harassment and bullying
A House of Commons Treasury Select Committee has released its ‘Sexism in the City’ report revealing a lack of progress on sexual harassment and bullying, including serious sexual misconduct in financial services.
Consumer Duty will continue to challenge the market claims DACB
DAC Beachcroft has released its predictions for 2024, including that Consumer Duty will challenge the market and about the impact of AI on insurance products.
FSCS adds Martyn Beauchamp as interim CEO
The Financial Services Compensation Scheme has appointed Martyn Beauchamp as interim CEO. Beauchamp will join the board as an executive director.
Accelerant’s UK arm awarded ‘excellent’ ratings
Accelerant Insurance UK Limited has been given top tier ratings from credit issuing agency AM Best.
Could regulators stymie the growth of the fronter market in the UK?
The failure of Vesttoo in the US has only increased scrutiny on fronters in the UK. But as Saxon East discovers the emergence of Bridgehaven and continued growth of the MGAs, mean that they still have a potentially bright future.
MGAs urged to check on capacity partnerships amid Vesttoo fraud scandal
Managing general agents and carriers are being urged to carry out 'robust and periodic due diligence' following the Vesttoo insurtech scandal.
Regulators consult on measures to boost D&I in financial services
The Financial Conduct Authority and the Prudential Regulation Authority have released consultation papers setting out proposals to boost diversity and inclusion to support healthy work cultures, reduce groupthink and unlock talent.
Markerstudy investor Pollen Street gets PRA approval for Tradex deal
Markerstudy’s owner Pollen Street Capital has completed the delayed purchase of motor trade and taxi specialist insurer Tradex after getting the greenlight from the Prudential Regulation Authority, Insurance Age can reveal.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
Lemonade gets UK carrier licence from PRA
The Prudential Regulation Authority has granted insurtech Lemonade a UK carrier licence.
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
Long awaited regulator D&I consultation due in first half of 2023
Financial regulators have set a target of the first half of 2023 to publish the repeatedly delayed consultation paper on improving diversity and inclusion across the financial sector, a year behind the original plan.
News analysis: Solvency II - should brokers be worried about the impact the reforms will have?
The government’s Solvency II overhaul will likely start this year. Politicians want to relax capital requirements to unleash investment and make the UK a more competitive country. Others have concerns about insurer failures, reports Saxon East.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.