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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 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...

FCA publishes FAQ on insurance pricing plans

FCA has published a set of FAQs on its draft rules to remedy its concerns on general insurance pricing practices. It hopes the document will help firms understand the intention behind the proposals, but stresses that...

FCA updates on complaints data

FCA has published its latest firm-specific and aggregate complaints data from firms for H1 2020.  It specifically notes: the lowest levels of recorded complaints since H2 2016 – firms received 2.96m; the largest...

FCA consults on proving presence of Covid

FCA is consulting on guidance to help policyholders, insurers and intermediaries to judge how to prove the presence of Covid-19 in a particular area. FCA wants to be able to issue the final guidance as soon as the...

HM Treasury extends consultation deadlines

Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...

What next in BI appeal?

The hearing of the business interruption insurance test case appeal in the Supreme Court is now over. FCA has published the draft transcripts up to day 3, and the judges are aware of the importance of an early judgment...

MFN strikes again

The CMA has published an infringement decision against Compare The Market for imposing wide most favoured nation clauses on home insurance providers using its price comparison platform.  The fine, in the sum of £17.9...

ABI calls for advice charging overhaul

ABI says that nearly 75% of consumers say they will not pay for financial advice. It says the regulatory environment needs to adapt so that customers can get the advice they want and that is fit for purpose. It carried...

FSB publishes 2020 Resolution Report

The Financial Stability Board (FSB) has published its 2020 Resolution Report which highlights the need for resolution preparedness. It also looks at lessons learnt from the Covid-19 pandemic, which stressed the...

FCA updates on Supreme Court BI appeal

FCA has updated its website to reflect the running order for the Supreme Court hearing in its test case on business interruption insurance. The hearing started on 16 November and is expected to close on Thursday. The...

FCA writes supervision letter to PCWs

FCA has written a portfolio supervision letter to CEOs of price comparison websites.  The letter notes the key priority that customers buying products through PCWs should buy products consistent with their demands and...

FCA updates on BI insurance test case

The FCA has updated its webpage on business interruption insurance with details of the BI test case Supreme Court appeal. The Supreme Court will live-stream the appeal on: Monday 16 November: 11am-4pm; and Tuesday 17 –...

FOS publishes Q2 information

FOS has published complaints figures for July – September 2020 (Q2 2020). It: received 69,000 complaints in total received over 5,900 Covid-related complaints referred over 9,000 complaints to an Ombudsman upheld...

FCA updates on EEA regulator Brexit guidance

FCA has put together an information page sharing links to the websites of EEA regulators on which they have published guidance about the effects of Brexit on UK firms operating in their jurisdictions.  Some of the pages...

Covid-19 measures weekly summary

It’s been a while since we needed to do a digest of these.  In the light of the new English lockdown and the expiry of various measures, the last week has seen: FCA consultation on updated guidance for consumer...

FCA writes to CEOs of LLMI firms

FCA has written a portfolio strategy letter to Lloyd’s and London Market Intermediaries and Managing General agents. It sees the key risks these firms present in: financial resilience and orderly wind-down...

FCA confirms BI appeal date

FCA has confirmed the Supreme Court’s permission to appeal in the test case on business interruption insurance. The appeal will be heard from 16 November, probably for 4 days. RSA has confirmed it will not be...

FCA publishes BI High Court declarations

FCA has published the High Court declarations made in the test case, which are the culmination of the test case judgment. The declarations set out how and to what extent the policies in the representative sample used in...