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BoE speaks on Solvency II reform

Andrew Bailey, Governor of the Bank of England, today gave a speech on the opportunity to reform Solvency II post-Brexit. He focused on what he identified to be the key foundations of public policy in prudential...

FCA publishes GI pricing attestation forms

FCA has published examples of the forms it will require from general insurance firms making their first, and then their subsequent attestations on compliance with the pricing rules. The first attestation can be sent in...

FCA writes to funeral plan providers

The FCA has published a Dear CEO letter on applying for authorisation as a pre-paid funeral plan provider or intermediary. The letter provides the following information to support firms’ preparations for...

FCA to issue compliance survey to GI firms

The FCA has added a new section to its webpage on general insurance pricing – attesting compliance. The rules in PS21/5 require senior managers of general insurance firms to provide annual confirmation that their firm...

CMA writes to NewDay on PPI Order breaches

The CMA has written to NewDay Ltd about 5 breaches of the PPI Market Investigation Order 2011. The breaches, which have affected c.27,000 customers, relate to: NewDay’s failure to issue Annual Review statements to...

FCA publishes updated complaints data

FCA has published its six-monthly set of data on complaints that firms receive.  Its latest findings include: a 7% decrease in complaints from H2 2016, with the 2.04m complaints being the lowest level since late 2016;...

FCA adds new question to GI pricing FAQs

FCA has added an additional question to its Q&As on its general insurance pricing practices rules.  The new question relates to whether certain benefits such as events tickets, rare products or products of benefit...

EIOPA comments on Solvency II proposals

EIOPA has commented on the European Commission’s package of Solvency II proposals, which comprise an amended Solvency II Directive, a Communication on it, and a proposal for an Insurance Recovery and Resolution...

Up next from the regulators

Nikhil Rathi and Sam Woods, CEOs of the FCA and PRA respectively, have set out the regulators’ current areas of focus. Highlights from Mr Rathi’s speech include that the FCA: is collaborating with...

FCA publishes insurer claims data

The FCA has published the latest data it has collected (as of 5 September 2021) from all affected insurers on the progress of their non-damage business interruption insurance claims. The data includes the number of: BI...

CMA writes to LBG on PPI Order breach

The CMA has written to Lloyds Banking Group about its non-compliance with the Payment Protection Insurance (PPI) Market Investigation Order 2011. LBG breached the PPI Order by failing to include the monthly PPI benefit...

Commission updates PRIIPs KID standards

The European Commission has adopted new technical standards for the PRIIPs KID, which will apply from 1 July 2022 (so long as approved by the Council and Parliament), and will finally apply to all retail products. The...

FCA updates on GI pricing

FCA has made some minor changes to the rules on general insurance pricing which were published in May. Among other things, the changes: clarify how the rules apply to firms that offer discounts or incentives to...

CLLS responds to Treasury consultation

The City of London Law Society (CLLS) has published its response to HM Treasury’s consultation paper “Amendments to the Insolvency Arrangements for Insurers” which was published on 20 May 2021. CLLS...

EIOPA report on peer review of key functions

EIOPA has published a follow-up report to the 2018 peer review on the supervisory practices for the application of the proportionality principle in government requirements regarding key functions. The follow-up report...

Next steps for the Consumer Duty

The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...

PRA sets scope of 2022 insurance stress test

The PRA has written to the largest PRA-regulated life and general insurers to set out the high-level scope for the 2022 Insurance Stress Test (IST) exercise. For life insurers, the IST will focus primarily on economic...

Ombudsman News looks at BII complaints

The latest edition of Ombudsman News looks at complaints about business interruption insurance (BII) after the test case. In the case of most complaints, the insurer is now accepting that the policy provides cover...

FCA confirms new rules

FCA has confirmed various rule changes in its latest Handbook Notice: to the technical standards under EMIR, to give firms clarity and to align the UK in implementing various Basel Committee and IOSCO recommendations...

PRA writes to firms on Solvency II Review

The PRA has written to the CEOs of PRA-regulated Solvency II firms to introduce the Solvency II Review Quantitative Impact Study and to set out the PRA’s thinking on two key areas being assessed under it – the...

FCA updates on travel insurance expectations

The FCA has updated the travel insurance section of its insurance and coronavirus webpage. The FCA says that, when buying travel insurance, customers cannot rely on their pre-pandemic knowledge and experience. It...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

FCA updates on BI

FCA’s latest update on business interruption insurance: publishes the Supreme Court Order varying the High Court declarations, and a table highlighting the most relevant declarations by policy type; publishes the...

PRA consults on review of Solvency II

The PRA has published a consultation on its proposed changes to Solvency II reporting requirements and expectations. The proposals would result in changes to the following policy material: The onshored version of the...

Premium finance disclosure changes delayed

FCA has published an update to its feedback statement and new rules on general insurance pricing practices, which means that the new rules relating to premium finance disclosure will take effect on 1 January 2022...

IAIS publishes application papers

IAIS has published application papers on: resolution powers and planning; the paper looks at the objectives and concepts of resolution of insurers, entry into resolution, resolution powers and plans, resolvability...

PRA updates on Solvency II QIS

PRA is to launch its Quantitative Information Survey on Solvency II during the summer.  The QIS will cover the calculation of the matching adjustment, risk margin and the transitional measure on technical provisions. ...

Taskforce reports on regulatory reform

The Taskforce on Innovation, Growth and Regulatory Reform has provided its report on reshaping regulation in the UK to the Prime Minister. The report calls for: a common law approach proportionality in application...

PRA publishes 2021/22 Business Plan

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2021/22. The PRA’s strategy will be delivered through the following strategic goals: Have in place robust prudential standards and...

IAIS consults on AML guidance

IAIS is consulting on changes to its “application paper” on AML and CFT in the insurance industry. The paper was originally published in 2013, and IAIS has revised it in light of various FATF updates and...

FCA consults on new Consumer Duty

The FCA has set out plans for a new Consumer Duty which will set clearer and higher expectations for firms’ standards of care towards consumers. It is hoped that the proposals will drive a shift in culture and behaviour...

Dormant Assets Bill introduced in Lords

The Dormant Assets Bill has been introduced into the House of Lords and has had its first reading.  The Bill proposes expansions to the current scheme to include not only bank and building society assets, but also long...

FSCS confirms 2021/22 levy forecast

FSCS has confirmed its levy forecast for 2021/22 at £833m.  This is slightly lower than the indicative levy announced in January, partly because extensions of government support are likely to mean some firms will...

FCA publishes new buildings insurance webpage

FCA has published a new webpage setting out its expectations of regulated firms when arranging and providing fair value buildings insurance for leasehold apartment buildings. The webpage is not an exhaustive description...

FCA publishes H2 2020 complaints data

FCA’s most recent complaints data report shows: a significant drop in complaints over the H1 2020 figure; a large decrease in insurance and pure protection complaints – with the largest being in PPI...

FCA publishes Covid-19 BI claims data

On 22 January 2021, the FCA sent a Dear CEO letter to the insurers affected by the BI insurance test case. The letter set out the FCA’s intention to gather information from all affected insurers regulatory on the...

ESAs publish report on complaints-handling

The Joint Committee of three European Supervisory Authorities (EBA, EIOPA and ESMA) (ESAs) have published a report on the application of their guidelines on complaints-handling. The report assesses how the guidelines...

FCA feeds back on Open Finance

FCA has published a policy statement following its call for input on Open Finance. The statement looks at how Open Banking is paving the way for more innovation, and notes the large number of regulatory sandbox...

EIOPA publishes IDD FAQs

EIOPA has updated its FAQs on the IDD.  The 8 new questions cover: the appropriateness assessment product oversight and governance; adaptation of existing product; protect testing and review for existing products;...

FCA updates BI list

FCA has updated its information pages on business interruption insurance by providing a list of insurers and policies, submitted by insurers, of the non-damage business  interruption insurance policies that are, in...

CMA publishes PPI breach letter

CMA has written to Cardif Pinnacle about two breaches of the PPI order. The breaches mean that nearly 5,000 customers have been receiving inaccurate Annual Reviews since 2012, an 4 customers received annual reviews that...

PRA reports on positive iNED meetings

PRA has written a letter to iNEDs, who participated in its pilot programme of virtual meetings. The meetings discussed current challenges, and PRA was pleased that, in principle: iNEDs thought firms had reacted well to...

EIOPA shares views on improving BI cover

EIOPA has published a staff paper on how to improve the insurability of business interruption in the light of pandemics. It is urging insurers to promote prevention measures which will improve society’s capacity...

PRA speaks on insurer capital

Anna Sweeney has spoken on the Solvency II review and how much capital is enough.  She stressed that PRA wants to get its reforms right, and to see them within the context of the entire relevant package of measures. ...

ESAs agree PRIIPs KID changes

The ESAs have suggested to the European Commission a package of changes to the PRIIPs KID. The main proposals for change are: new methodologies to calculate appropriate performance scenarios and a revised presentation...

FCA updates on BI issues

FCA has updated its information page on business interruption insurance, and has created new pages containing a policy checker tool and FAQs for policyholders.

Treasury makes funeral plan RAO changes

Treasury has made changes to the RAO and related secondary legislation to remove the exclusion that previously meant no provider of pre-paid funeral plans was in fact conducting any regulated activity in relation to...

FCA updates on PEMC signposting

FCA has updated its webpage on how insurance firms should be helping consumers with serious pre-existing medical conditions to get travel insurance.  It now highlights the newly publishes BIBA travel insurance...

FCA updates on BI judgment effects

FCA has updated its website following the Supreme Court’s judgment in the business interruption insurance test case.  It has: published a Dear CEO letter on its expectations on insurers.  The key message is that...

Supreme Court backs FCA on BI judgment

The Supreme Court has released its judgment on the business interruption insurance test case. Commenting, on the judgment, FCA noted that the Court has substantially allowed FCA’s appeal on behalf of policyholders...

FCA publishes whistleblowing VREQ

FCA has published the outcome of an application by Tokio Marine Kiln Insurance Limited and Tokio Marine Kiln Syndicates Limited to put in place a Voluntary Requirement in respect of whistleblowing policies and...