Tag Archives: HM Treasury

HM Treasury updates draft ILS regulations

Further to the July 2017 versions, HM Treasury has published updated October 2017 versions of The Risk Transformation Regulations 2017 and The Risk Transformation (Tax) Regulations 2017, which will provide a new regulatory, supervisory and tax framework in relation to insurance linked securities in the UK.  

FCA publishes consultation on Office for Professional Body Anti-Money Laundering Supervision

FCA has published a consultation on the proposed text for a specialist sourcebook setting out the new Office for Professional Body Anti- Money Laundering Supervision’s (OPBAS) expectations in relation to anti-money laundering supervision. OPBAS will oversee 22 professional body anti money laundering supervisors such as the Law Society / Solicitors Regulation Authority and the Association […]

HM Treasury publishes final ILS Regulations

Following two consultations in 2016, HM Treasury has published the final rules for a new tax and regulatory framework for insurance linked securities (ILS) business in the UK. The Risk Transformation Regulations 2017 will come into force on 31 October 2017 and the Risk Transformation (Tax) Regulations 2017 will come into force on the day after the […]

Law Commission consults on draft clauses for the Goods Mortgages Bill

This month, the Law Commission published a consultation paper on draft clauses that would form part of the new Goods Mortgages Bill, which replaces the Bills of Sale. Background In September 2014, HM Treasury asked the Law Commission (LC) to review the Bills of Sales Act.  The LC’s 2016 report recommended that the Bills of […]

Article on the implementation of IDD

We have written an article for Compliance Monitor on the implementation of IDD, looking specifically at consultations by HM Treasury and the FCA on the proposed changes to UK law and regulation.

HMT issues regulatory innovation plan

The government’s vision is for UK financial services to be the most competitive and innovative in the world, supplementing existing services with greater choice and value for consumers. The innovation plan covers how financial services regulators are adapting and encouraging new technologies and disruptive business models, and better utilising new technologies to reduce regulatory burdens […]

PRA’s Deputy Governor and CEO responds to Treasury committee call for further evidence on EU insurance regulation

Sam Woods, the PRA’s Deputy Governor and CEO, has published a letter addressed to the Treasury Committee on EU insurance regulation. The letter is a preliminary response to requests by the Committee for further evidence on the following: the PRA’s view in relation to the 23 areas recommended by the Association of British Insurers (ABI) […]

Government consults on single body for public financial guidance

The Treasury has issued a consultation on proposals to establish a single advisory body to replace, and bridge perceived gaps between, the Money Advice Service, the Pensions Advisory Service and ‘Pension Wise’ guidance form the Department of Work and Pensions. The new statutory body will bring together pensions guidance, money guidance and debt advice, and will have […]

PRA and FCA consult on insurance special purpose vehicles

The PRA and FCA have issued a consultation paper on the authorisation and supervision of insurance special purpose vehicles (ISPVs). An ISPV is used in the transfer of risk from a (re)insurer to the capital markets by issuing insurance linked securities (ILS). The consultation paper should be read alongside HM Treasury’s consultation on the new […]