FCA review of outsourcing by life insurers

This post was first published on our Digital TMT and Sourcing Notes blog. On 4 March 2020 the Financial Conduct Authority published a short set of findings from its review of outsourcing in the UK life insurance sector. Despite the review’s narrow scope, the FCA’s findings are readily applicable to other outsourcing contexts, so regulated firms … Read more

FCA warns CEOs to tackle non-financial misconduct

The FCA has warned CEOs that how a firm handles non-financial misconduct is indicative of a firm's culture. It is the FCA's view that embedding healthy cultures includes, therefore, taking steps to address the discrimination, harassment and bullying that remains "prevalent" in firms. In a 'Dear CEO' letter (the Letter), which follows recent incidents in the wholesale general insurance sector, the FCA considers the need for fundamental change in firms' culture and calls on leaders to bring about that change. Read more

The new regulatory regime for insurance intermediaries in Hong Kong – are you ready for 23 September 2019?

On 23 September 2019, the new statutory regime for the regulation of insurance intermediaries will take effect. This represents the final stage of implementation of the insurance reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator. The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 and will take over the regulation of insurance intermediaries (agents and brokers) from the three self-regulatory organisations (SROs) on 23 September 2019. On the same day, the requirements relating to the intermediary management function, one of the control functions of an authorised insurer, will also come into effect. Read more