The U.K. Prudential Regulation Authority has published a "Dear CEO" letter, addressed to the Chief Executive Officers of banks, insurance companies and designated investment firms. The purpose of the letter is to remind firms...more
The PRA and FCA have published a joint policy statement: “Strengthening accountability in … insurance: Implementation of … SIMR; and PRA requirements on regulatory references“. The policy statement includes “Regulatory...more
The UK’s PRA has published a set of Q&As on the Senior Insurance Managers Regime that are well worth reading if you outsource your internal audit or actuarial functions, and you’re still struggling to make sense of the rules...more
What? Why? The PRA and FCA are introducing a new Senior Insurance Managers Regime (SIMR). There are two main reasons - to: (1) implement Solvency II; and (2) make it easier to hold individuals to account, when things go...more
The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager...more
From 7th March 2016 (and 1st January for insurers), a new regulatory financial services regime will be in place in the United Kingdom. The new regime is significant; it is intended to make it far easier for UK regulators; the...more
We will prepare a short, practical, summary of the Senior Insurance Managers Regime, which explains what the new rules will require, and when. Our summary will also explain how today’s controlled function holders will be...more
With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more