Incoming Financial Conduct Authority CEO Andrew Bailey has been challenged by an MP to prove his independence from the government after accusations he was "hand-picked" by Chancellor of the Exchequer George Osborne to take on the role.
The Prudential Regulation Authority has today imposed a £25,173 fine on Colin McIntosh, CEO of Millburn Insurance and has banned him from holding any controlled functions at any PRA-authorised firm.
The news that then Financial Conduct Authority CEO Martin Wheatley was not to have his contract renewed by Chancellor of the Exchequer George Osborne was followed by plenty of column inches predicting who his successor would be and what it would mean for…
The appointment of the Prudential Regulation Authority’s highly regarded CEO Andrew Bailey to the top job at the Financial Conduct Authority has been welcomed by industry leaders who have praised Bailey’s clout and “deep regulatory experience”.
There remains regulatory pressure on insurers despite Solvency II models gaining approval.
Professional services firm EY has warned insurers and regulators to prepare for a busy 2016 as companies start to embed the Solvency II Directive.
The Prudential Regulation Authority has approved the use of a full or partial internal model under the Solvency II Directive for 19 insurers for use from 1 January 2016.
Inter Hannover will buy Congretional and General Insurance, subject to regulatory approval.
Allianz Insurance, as part of the Allianz SE group, has gained regulatory approval to implement an internal model to calculate capital requirements under Solvency II.
Munich Re and Swiss Re are the leading reinsurers that have so far contributed to the £1.29bn yearly cover for the Flood Re scheme.
Government and insurers need to cooperate against cyber crime as they already do against traditional risks.
Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
Strong regulation of the insurance sector is a necessity that safeguards customer interests, but this needs to be balanced with protecting the commercial viability of insurers.
In the first report of a five-part series covering Post’s latest State of the Nation survey, Mairi MacDonald reports on how regulation of the insurance industry is viewed by insurance CEOs and managing directors and how they think it could work better…
The leaders of 15 Climate Wise members have written to the governor of the Bank of England Mark Carney and the Prudential Regulation Authority for more collective action to reduce the risk of climate change impacting society and, ultimately, the…
The introduction of Senior Insurance Managers Regime is set to transform organisational structures throughout the insurance sector. With less than six months to go until the legislation comes into force, much of the industry is simply not prepared and…
New rules designed to hold senior managers of insurance firms to account are due to come into force next year.
Confirmation this June that the Financial Conduct Authority will be increasing fees for insurers and brokers by 8.5% for 2015/2016 has inevitably raised many eyebrows. A particular bugbear is that UK regulatory costs are perceived to be much steeper than…
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.
The application of the senior insurance managers' regime has been deemed open to interpretation by market commentators, amid predictions brokers could be subject to a similar, more informal, regime in the future.
Bank of England governor Mark Carney will this week unveil new measures to make insurance managers individually accountable for the failure of their firms, after consulting on proposals earlier this year.
New senior managers accountability regimes take effect soon, what will this mean for those at the top?
Hiscox is engaged in ongoing discussions with the Prudential Regulation Authority about concerns it has with its insurance stress test and is calling for a simulation of a large loss scenario to take place in the first half of 2016.
The Prudential Regulation Authority is to make final decisions about firms' internal Solvency II models in December, according to its insurance supervision executive director Sam Woods.