UK insurance regulation: looking ahead to 2024

Our insurance team has published its latest annual assessment of UK insurance regulation which reflects the huge amount of regulatory change that has occurred over the last 12 months and that is set to continue in 2024.

To access the briefing, please click here.

 

Geoffrey Maddock
Geoffrey Maddock
Partner
+44 20 7466 2067
Barnaby Hinnigan
Barnaby Hinnigan
Partner
+44 20 7466 2816
Grant Murtagh
Grant Murtagh
Partner
+44 20 7466 2158
Alison Matthews
Alison Matthews
Consultant
+44 20 7466 2765
James Bourne
James Bourne
Senior Associate
+44 20 7466 3652
Julia Danskin
Julia Danskin
Senior Associate
+44 20 7466 2160
Tim Coorey
Tim Coorey
Senior Associate (Australia)
+44 20 7466 2001

Insights on outsourcing and other lessons from a data breach – the UK FCA perspective

On 13 October 2023, the UK Financial Conduct Authority (FCA) published its press release and Final Notice to Equifax Limited (Equifax Ltd), the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that the firm had breached Principles 3, 6 and 7 of its Principles for Businesses and imposed a fine of over £11m on Equifax Ltd. Continue reading

Diversity and inclusion in the UK financial sector – driving change

In the next step in its drive to boost diversity and inclusion (D&I) in regulated firms, the Financial Conduct Authority (FCA) published Consultation Paper 23/20 at the end of September setting out its proposals on new regulatory framework in respect of D&I in the financial sector (FCA CP). At the same time, the Prudential Regulation Authority (PRA) published its own proposals (PRA CP18/23) for PRA-regulated firms (together, the Consultations).

The FCA and PRA are making these proposals on the basis that greater diversity and more inclusion can improve outcomes for consumers and markets, support prudent decision-making and lead to better risk management by reducing groupthink. Reducing groupthink is relevant to overall governance and leadership, but the FCA also link this to individual product design and the focus on consumer outcomes and higher standards under the Consumer Duty.

Continue reading

Edinburgh Reforms: HM Treasury and the UK regulators launch the review of the SMCR

On 30 March 2023, HM Treasury launched a Call for Evidence, alongside Discussion Paper 23/3 jointly issued by the FCA and PRA, on the Senior Managers and Certification Regime (SMCR). The review of the SMCR was announced as part of the Edinburgh Reforms which were unveiled by the Chancellor of the Exchequer, Jeremy Hunt, in December 2022. Responses to both the Discussion Paper and the Call for Evidence are requested by 1 June 2023.

Continue reading

Individual accountability and the SMCR: a portent of success for the FCA’s new Consumer Duty?

** This article is republished with kind permission from Global Banking Regulation Review. To see the article as it was originally published, please click here. **

Similarities between the FCA’s introduction of the Senior Managers and Certification Regime, and current proposals for a consumer duty, may be a harbinger of success for the latter, writes Jenny Stainsby, the head of Herbert Smith Freehills’ global financial services regulatory practice.

Continue reading