The FCA’s thematic review of with-profits business has found “signs” that a small number of firms are in breach of its rules. Despite this, the FCA is not taking enforcement action against any of those firms. This is presumably because it has determined that, “in most cases” at least, there is no evidence of customer … Read more
The post below was first published on our Litigation blog. As we have previously noted, there is some uncertainty over whether, following a “no-deal” Brexit, EU27 countries will apply the 2005 Hague Convention on Choice of Court Agreements where an exclusive English jurisdiction clause was agreed before exit day. This is sometimes referred to as … Read more
In line with its continuing focus on fairness in pricing and customer value, the FCA has published a thematic review on the general insurance distribution chain (TR19/2). The review contains a clear warning to firms involved in the design and sale of general insurance products that they must do more to protect customers from harm. … Read more
Following last week’s agreement between the UK and the EU to extend Article 50 until 31 October 2019, the FCA has confirmed that it will also extend the deadline for incoming EEA firms to enter the UK Temporary Permissions Regime (“TPR“) to 30 May 2019. The FCA’s announcement only applies to firms for which the … Read more
The post below was first published on our Litigation blog. Amidst the ongoing uncertainties in relation to both the nature and timing of Brexit, we have published a new decision tree on enforcement of English judgments in the EU27 post-Brexit. It is intended to act as a quick reference guide to help determine which rules will … Read more
With a month to go until the UK is due to leave the EU, FCA guidance published yesterday is too late for most UK insurers and intermediaries to change their plans. Understandably, the FCA has waited for views to be expressed by EIOPA before commenting itself on the position for insurers and brokers. It took … Read more
Recommendations issued on Tuesday by EIOPA emphasise the importance of safeguarding policyholders in the event of a “no deal” Brexit. Encouragement given to EEA states to help UK insurers meet their obligations to EEA policyholders is particularly welcome. In some areas, EIOPA has provided explicit guidance on the approach it expects individual states to take. For example, … Read more
In a long-awaited step forward for the Myanmar insurance sector, on 2 January 2019, the Ministry of Planning and Finance (MPF) officially announced its plans to open up the life and non-life insurance sectors to foreign insurers. Further details of the liberalisation, including the insurance licence application process and timetable, were subsequently issued by the … Read more
