FCA confirms final rules for new Consumer Duty and gives firms more time to comply

The FCA has published the final rules and guidance and accompanying non-Handbook guidance relating to the new Consumer Duty (the Duty). While the nature and scope of the Duty remains largely unchanged in most areas, the final rules and guidance contain some significant changes and clarifications relating to how the Duty will apply. Changes in … Read more

Insurance & Reinsurance Disputes Annual Review 2021

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2021 which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market. Read more

UK insurance regulation – looking forward to 2022

After a year of upheaval for the UK insurance sector in 2021, there seems little prospect of 2022 being any quieter. From a regulatory perspective, 2021 began with the end of the Brexit transition period.  And while firms operating in UK insurance markets have been insulated from the full impact of Brexit during 2021, this … Read more

Court of Appeal holds insurers to the “clear terms” of the policy

The Court of Appeal has handed down its decision in ABN Amro Bank N.V. v Royal & Sun Alliance Insurance plc and others [2021] EWCA Civ 1789.  At first instance, the court had found that an “unusual” and “unprecedented” clause provided credit risk cover in an all risks marine cargo policy. Most of the decision … Read more

FCA consults on the new Consumer Duty

The FCA has published Consultation Paper 21/36 (CP 21/36) which includes proposed new rules and guidance setting out a Consumer Duty which it considers will “fundamentally shift the mindset of firms” and establish an appropriate level of care to consumers. The consultation is open until 15 February 2022 and the FCA expects to confirm any final rules by the … Read more

Driving Meaningful Change in Diversity and Inclusion in the Financial Sector

Diversity and inclusion (D&I) has featured heavily in speeches by our UK regulators in recent months. The FCA, PRA and Bank of England (the regulators) have now published a discussion paper (DP21/2) which aims to kick-start discussion on how the financial services sector, with the help of the regulators, can “accelerate the pace of meaningful change” … Read more

InsurTech – Ready to Deliver on its Hype?

With three UK based InsurTech companies earning “unicorn” status in 2021, the UK InsurTech market has the potential to be one of the most dynamic in the world. However, investment and impactful innovations in the insurance sector have so far been primarily focussed on small business and personal lines, as well as improving the efficiency … Read more