Prudential Regulation Authority (PRA)
Editor's comment: One year on, what’s changed?
Twelve months ago at the 2013 British Insurance Brokers’ Association conference, Financial Conduct Authority chief executive Martin Wheatley used his keynote speech to tell the market the regulator would be taking “early and decisive action” against…
White questions FCA decision-making speed after Treasury launches review
Industry figures critical of regulator’s early naming and shaming policy
Regulators to face enforcement decision-making review
The government has launched a review of the fairness, transparency, speed and efficiency of the institutional arrangements and processes the Financial Conduct Authority and the Prudential Regulation Authority use to make enforcement decisions.
Solvency II: It’s the final countdown
With a definitive date of 1 January 2016, Solvency II is finally set to be implemented – and insurers must make sure they are prepared
GI players demand action after FCA life insurance investigation blunder
Aviva and L&G shares fall after investigation details are aired prematurely.
Editor's Comment: FCA finds itself in the crosshairs
It hasn’t taken long for the hunter to become the hunted and, with insurers smelling blood, the Financial Conduct Authority finds itself in the awkward position of being forced to account for its own actions.
Regulators urged to provide value for 24% increase in costs
Commentators suggest FCA should move outside capital.
Editor's Comment: Scrutinisers under the spotlight
Insurers have long been used to proving their worth and providing their stakeholders with a healthy return on investment, but this week this particular spotlight turned on their regulators.
Infrastructure: Building for success
Plans for insurers to invest in infrastructure projects are being hampered by Solvency II.
Regulators must prove value for money as costs hit £664m
The twin peaks regulatory system will need to demonstrate it is providing value for money after a National Audit Office report highlighted escalating running costs and concerns over staff capacity.
Prettejohn linked with Lloyds Bank non-exec seat
Nick Prettejohn is to be named a non-executive at Lloyds Banking Group according to a report from the Financial Times.
Clyde & Co advises Whittington Group on sale of Direct Asia
International law firm Clyde & Co advised investment firm Whittington Group on the sale of Direct Asia to Hiscox.
Former Lloyd’s CEO Prettejohn steps down from PRA
Former Lloyd’s chief executive and Brit chairman Nick Prettejohn is to step down from the board of the Prudential Regulatory Authority.
Europe: The run-off legacy
The run-off market looks set to consolidate its position in Europe, a trend borne out by a Clyde & Co survey which found 60% of insurer respondents expect to complete a deal in Europe in the next 12 months.
Motor insurance regulator mooted by Straw slammed as ‘unnecessary’
Former Home Secretary’s parliamentary counterpart Evans ‘dead against’ idea.
Editor's comment: Motor: A third way?
Motor has long been a special case in the world of insurance. It is a compulsory purchase that most customers hope to never use.
London market must meet challenges to retain top position says IUA
Four key issues must be tackled for London to maintain its position as a pre-eminent centre for international insurance risks, the International Underwriting Association has warned.
Three insurance industry reps nominated to PRA panel
Three insurance industry members have been have been nominated to the Prudential Regulation Authority’s practitioner panel established to represent the interests of the financial services industry.
Millburn unable to pay claims after entering administration
Millburn Insurance Company has become the first UK regulated insurance firm to enter administration since 2009, three months after it stopped writing new business following a review by the Prudential Regulation Authority.
Bid to cut red tape set to enhance UK insurance market’s competitive position
Insurance Growth Action Plan aims to remove barriers for UK insurers overseas.
Lloyd’s: A period of adjustment
In a challenging year for the market, how is Lloyd’s responding to regulatory changes, international competition and the potential threat posed by passive underwriting structures?
Separate conduct regulator proposed in Scottish independence paper
Scotland would set up its own financial conduct regulator if it becomes independent from the UK, according to the Scottish government’s white paper on independence released today.
ABI supports PRA Solvency II consultation
The Association of British Insurers has welcomed the Prudential Regulation Authority’s public consultation on its approach to implementing EIOPA’s guidelines for the preparation of Solvency II.