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Financial Institutions Insurance Industry Financial Conduct Authority (FCA)

Skadden, Arps, Slate, Meagher & Flom LLP

UK’s Proposed New Captive Insurer Regime: Key Developments and Next Steps

What is new: The UK government has proposed a new regulatory framework for captive insurance companies, aiming to simplify regulations and enhance competitiveness in the financial services sector. Why it matters: The...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Financial Regulation Update

The first four months of 2025 proved busy for the UK’s financial regulators, with both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) publishing their strategy and business plan documents. As...more

Latham & Watkins LLP

FCA Publishes Results of Non-Financial Misconduct Survey

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The data provides important insights to assist firms with their ongoing work in this area. On 25 October 2024, the FCA published the results of a survey on non-financial misconduct it undertook earlier in the year...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Thematic Review TR24/2: Implications for Insurance Manufacturers and Distributors

On 21 August 2024, the Financial Conduct Authority (FCA) published Thematic Review TR24/2 (Review), as part of its on-going scrutiny of the general insurance sector, focusing on pricing and value for money provided by...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 11: The Valuation of Assets and Liabilities

This chapter discusses the valuation of assets and liabilities under Solvency II. Given that strategic asset allocation and investment management are key aspects of an insurer’s business, especially for life insurers, this is...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 4: Groups

Group supervision regulates the impact that members of a Solvency II group may have on a UK Solvency II insurer. The rules governing Solvency II groups are contained in the PRA Rulebook (Group Supervision), the Solvency 2...more

Hogan Lovells

UK Insurance Horizon Scanner - January and February 2024

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A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next few months....more

Latham & Watkins LLP

The Edinburgh Reforms - Where Are We Now?

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As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments...more

Hogan Lovells

UK Consumer Duty: FCA outlines expectations on fair value assessments as July deadline looms

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In a speech marking less than three months until the first Consumer Duty implementation deadline, the FCA has warned that firms can expect swift action if they ignore the Duty or pose the most harm to consumers. As part of...more

Hogan Lovells

UK Insurance Horizon Scanner - May and June 2023 edition

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A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next couple of months....more

Latham & Watkins LLP

Consumer Duty Update: FCA Issues Dear CEO/Director Letters Setting Priorities for Sectors

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The letters ask senior management to prioritise implementing the Duty. On 3 February 2023, the FCA published Dear CEO/Director letters underscoring the immediate (i.e., during the implementation period up until 31 July...more

Hogan Lovells

UK Insurance Horizon Scanner – January and February 2023 edition

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A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next couple of months....more

Hogan Lovells

Weekly insurance regulatory news, August 2021 #2

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Flood insurance: UK government response to independent review Following the publication in November 2020 of a report on the independent review of flood insurance in Doncaster, the government has published a policy...more

Hogan Lovells

Insurance regulatory news, August 2021

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Solvency II review: PRA QIS material and related Dear CEO letter on data gathering The Prudential Regulation Authority (PRA) has updated its Solvency II Review Quantitative Impact Study (QIS) webpage with the QIS materials,...more

Hogan Lovells

Insurance regulatory news, July 2021 #3

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COVID-19 BI insurance test case: FCA updates webpage The Financial Conduct Authority (FCA) has updated the webpage on its business interruption (BI) insurance test case. The FCA has published the Supreme Court order varying...more

Hogan Lovells

Insurance regulatory news, July 2021

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UK Solvency II regime review: HM Treasury response to call for evidence HM Treasury has published a response to its October 2020 call for evidence on the review of the UK Solvency II prudential regime for insurers....more

Latham & Watkins LLP

Dear CEO: UK Banks and Insurers Should Embed Approaches to Managing Climate Change Risks by End-2021

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The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter. On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to...more

BCLP

UK HR Two Minute Monthly: philosophical belief; equal pay; sexual harassment

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Our February 2020 update outlines key UK employment law developments from January. It includes cases on ethical veganism as a philosophical belief, equal pay and the difficulties in defending such claims, the impact of the...more

BCLP

Emerging Themes in Financial Regulation 2020

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Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more

Eversheds Sutherland (US) LLP

The heat is on - Regulators step up pressure to implement LIBOR transition plans

Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from LIBOR.  On December 23, 2019, the New York State Department of Financial Services...more

Hogan Lovells

UK: Focus on Climate Change and Green Finance

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On 5 June 2019, the Treasury Committee launched an inquiry into the decarbonisation of the UK economy and green finance which will look at the role of the UK regulators and financial services firms in supporting the...more

BCLP

In the shadow of the financial crisis – a decade on, why does the issue of culture still persist?

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This week, Andrew Bailey, the Chief Executive of the FCA, gave his latest speech addressing the issue of culture. The speech, which was entitled “The Importance of Diversity” and given at the Personal Investment Management...more

A&O Shearman

Key Regulatory Topics: 14 - 20 December

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Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. BREXIT - Please see the product sections for updates on the various draft SIs published this week in anticipation of...more

A&O Shearman

UK Regulators Ask Large Banks and Insurers for LIBOR Transition Plans

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The Prudential Regulation Authority and the Financial Conduct Authority have published letters addressed to the CEOs of the largest banks and insurers supervised in the U.K. asking for confirmation of each firm's preparations...more

Proskauer Rose LLP

Regulation Round Up - March 2018

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1 March - The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more

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