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.
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.
Regulator ‘not looking specifically’ at issue but confusion surrounds CRD IV.
The former head of Solvency II at the European Commission has called into question the creation of the UK’s ‘twin peaks’ regulatory system for matters relating to the insurance industry.
The former head of Solvency II at the European Commission has called into question the creation of the UK’s ‘twin peaks’ regulatory system for matters relating to insurance.
Facing increasing scrutiny from the UK and Europe, Lloyd’s could be in danger of becoming less competitive. By Katie Marriner
Professional services giant KPMG has raised concerns that a draft supervisory statement issued by the Prudential Regulatory Authority suggests that the PRA no longer considers schemes an appropriate tool for solvent insurers.
Lloyd’s of London has renewed an agreement originally signed with the Financial Services Authority in a bid to avoid duplicating regulation.
Brit Insurance’s non-executive director Nicholas Prettejohn will retire from the company’s board at the end of June, following his appointment as non-executive director of the Prudential Regulation Authority.
Legal and General have been barred from appointing their choice of chief financial officer, according to reports.
Brit Insurance chairman and former Lloyd’s chief executive Nick Prettejohn is joining the board of the Prudential Regulation Authority following approval by the Chancellor of the Exchequer.
Splitting tax domiciles and regulators could be an enticing prospect for insurance groups looking to avoid the European Union’s Solvency II regulations.
Trade bodies can play an important role in the development of the telematics industry, particularly in warding off the threat of regulation, according to Association of British Insurers policy adviser Ben Gaukrodger.
Disagreement over the final Solvency II rules at a national level has seen negotiations “ground to a halt” according to Prudential Regulatory Authority boss Andrew Bailey.
The downfall of the Financial Services Authority was met with resounding support. However, as its successors take over sceptics ask whether the twin peak model might create more discontent in the industry.
After many delays, Solvency II implementation is still far from certain. While some insurers have grown disillusioned by the process, others remain keen to see the directive’s benefits come to fruition.
The UK’s general insurance sector has failed to engage with a consultation on setting Solvency II liability rules, despite a European Union recommendation that 20% of the sector should contribute for the study to be credible.
The Financial Conduct Authority and the Prudential Regulation Authority have requested a 15% increase in their annual funding requirement for 2013/14.
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
The 12 new members of the Financial Conduct Authority board have been named ahead of the new twin-peak regulatory system taking over from the Financial Services Authority on 1 April.
Fears have been voiced by the insurance industry that the new regulators will intrude too much into the commercial sphere and that having two bodies will cause inefficiency.
The Association of British Insurers has welcomed the opportunity to reshape the relationship between the industry and its regulators as the Financial Services Authority is due to be replaced by two new regulatory bodies.
Changes to the Financial Services Compensation Scheme ahead of the introduction of twin peak regulation have angered brokers, but should insurers be held more accountable?