Emma RadmoreThe 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...
Category - Life Insurance
Lucy Hadrill
FCA publishes life insurance outsourcing review
FCA has published the findings from its review into outsourcing in the life insurance sector. The review stemmed from FCA’s awareness that the sector relies heavily on outsourcing and third party providers, and...
FCA announces next steps for unit-linked funds
FCA has published its findings and next steps on its review of governance practices covering unit-linked funds. It notes that its Asset Management Market Study found asset managers were not good enough at considering...
FIN. TeamFCA publishes quarterly consultation
FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October, and also other miscellaneous amendments including: minor...
FCA fines Standard Life for non-advised sales failings
FCA has fined Standard Life Assurance Limited £30,792,500. The fine relates to non-advised sales of annuities, and sales practices over nearly 8 years. Although the sales were non-advised, FCA found that the firm...
FCA makes shareholder engagement and transparency rules
FCA has made new rules to improve shareholder engagement and increase transparency around stewardship. The new requirements take effect from 10 June. FCA will require: asset managers and life insurers to publish their...
With-profits firms should review consumer harm risks
FCA has published its thematic review of firms’ practices in key areas of the with-profits market that FCA had identified as presenting the highest potential for customer harm. The review focused on: investment...
UK insurance stress test feedback request
As the PRA prepares to conduct a stress test exercise, it has written to firms and industry participants to ask for feedback. The exercise will involve the largest life and general insurers, and run from Monday 1 July...
Emma RadmoreEIOPA set out conduct risk framework for product lifecycle
EIOPA has published a framework that sets out what drives conduct risk and how to assess it throughout a product life cycle. It looks at: business model and management risks manufacturing risks delivery risks and...
UK / Switzerland deal reached on insurance
At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU...
ESMA briefs on suitability
ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting...
AFME publishes guidance on COBS
AFME has published guidance on financial analysts’ interaction with representatives of private companies and their financial advisers under the revised rules in COBS 12.2.21 which took effect in July. The change...
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