Prudential Regulation Authority (PRA)
Politicians target reform of Senior Managers and Certification Regime in ‘Brexit dividend’
The government has announced plans to begin a review into reforming the Senior Managers and Certification Regime.
Sheldon Mills insists that ‘we must not lose sight’ on diversity and inclusion
The Financial Conduct Authority’s Sheldon Mills has urged the industry to do more on ensuring diverse representation and inclusive cultures.
Headline makers: November 2022
The key stories from the past month all in one place.
PRA hands MS Amlin £9.7m fine
The Prudential Regulation Authority has issued MS Amlin Underwriting a £9.7m fine for failing to comply with regulatory obligations.
Insurance set for boom in machine learning, Bank of England survey finds
Insurance is growing its adoption of machine learning applications faster than any other financial sector, a Bank of England survey has found.
Editor's letter: Is the FCA living on borrowed time?
Unpopular as it is, the regulator still has market support. But for how long?
Former Sky executive Andrew Griffith named as financial secretary to the Treasury
Andrew Griffith, ex-Sky chief operating officer, has been appointed as financial secretary to the Treasury and City minister, succeeding John Glen.
The FCA argues back at financial inclusion being included in mandate
The Financial Conduct Authority has responded to a Treasury Select Committee report on the Future of Financial Services Regulation disagreeing with the recommendation that it should ‘have regard’ to financial inclusion.
Truss’s mooted regulation merger plan derided
Former business secretary, Vince Cable, has attacked Liz Truss’s rumoured plan to merge the Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator.
Truss could merge FCA, PRA and PSR if she becomes PM – reports
Reports have suggested that Liz Truss, the contender to win the current Conservative leadership race and become Prime Minister, may consider merging the UK’s financial regulator.
Software houses face regulatory oversight
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out plans to oversee “critical third parties” in the financial services sector.
Insurtech and ESG suggested to be FCA’s next regulatory focus
Compliance experts at the Managing General Agents' Association conference, on 29 June, have suggested insurtech and ESG as the next areas for regulatory focus by the Financial Conduct Authority.
Rishi Sunak flags speedy reform for Solvency II rules
The Chancellor of the Exchequer Rishi Sunak told insurance executives at a meeting on Monday that Britain wants to reform its insurer solvency rules quickly.
New Treasury sub-committee to scrutinise regulators
The Treasury Select Committee has revealed a new sub-committee to scrutinise regulatory proposals for financial services in the post-Brexit landscape.
FCA reveals D&I and AR delays
The Financial Conduct Authority has delayed its consultation paper and policy statement on diversity in financial services as well as a policy statement on reviewing the appointed representatives regime.
BoE exercise: No additional action scenario on climate change ups UK insurer losses by 50%
UK general insurers could face at least a 50% increase in average annualised losses in a non additional action on climate change scenario, a report by the Bank of England has detailed.
Lords Committee calls for “a broader reassessment of regulatory culture”
The Industry and Regulators Committee has outlined concerns about proportionate regulation in the London Market in a letter written to the Economic Secretary to the Treasury, John Glen MP.
Hiscox chair calls for more consistency and less bureaucracy in regulation
Non-executive chairman Robert Childs has called on regulators to be more flexible, offer more consistency, and prioritise a competitive edge.
FCA supports long-term economic growth objective
Regulators quizzed by Treasury Select Committee.
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
FCA puts diversity under the microscope
The regulator is consulting on policy options to drive D&I in financial services as it warns lack of representation can “weaken the quality of decision-making”.
Markerstudy's Humphreys opens up on delayed Co-op deal
Group underwriting director Gary Humphreys discusses why the transaction took almost two years to complete, criticism from Unite the union, redundancies and future acquisition plans.
Covid-19: PRA warns of potential "significant impact" on insurers from BI dispute
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
Lloyd’s pulls together BI data for PRA – reports
The marketplace has been asked to collate insurer BI cover information for the regulator.