The FSR team have published their global FSR Outlook 2024: Finding solid ground as the bedrock shiftsIn 2024, the character of change facing the financial industry is more foundational - or fundamental - in nature than ever before. From ESG to AI, the shape of the world we live in is changing in a radical way. This year, we chart the paths through the shifting landscape for financial services businesses seeking solid ground. Read more

Insurance & Professional Risks Annual Review 2023 published

We are pleased to share with you our Insurance & Professional Risks Annual Review of 2023 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

Climate Disputes: Managing climate change risk – the role of insurance

It is clear from our climate disputes series that the risks and reverberations of climate change are far-reaching, impacting as widely as shareholder claims, parent company and supply chain risk, disclosure investigations and greenwashing. Such impacts raise the inevitable question of how companies’ trusted tools to address and mitigate risk can handle such a systemic … Read more

UK insurance regulation: looking ahead to 2024

The latest instalment of our annual assessment of the UK insurance regulatory landscape is another bumper edition thanks to the huge amount of regulatory change that has occurred in the last 12 months, and that is set to take place in 2024. Read more

PRA consults on funded reinsurance

The PRA's consultation on funded reinsurance is a welcome development. This is an area in which the PRA has signalled interest for quite a long time, and clarity on its expectations is helpful. Many of the proposals will be familiar to insurers, albeit some will lead to increased formality and documentation in areas that are already being considered. In some areas, many insurers will welcome the PRA's suggestions as they will help to ensure that the bulk annuity market is not being distorted by a small number of parties taking risks that others regard as inappropriate. Read more

Carillion NED “test case” proceedings dropped – a reminder about D&O insurance

The Insolvency Service (IS), acting on behalf of the Secretary of State for Business and Trade, commenced disqualification proceedings against five former non-executive directors (NEDs) of Carillion plc in January 2021, following the compulsory liquidation of the Carillion Group in January 2018. Last month on the eve of trial, the IS discontinued its disqualification proceedings … Read more

D&I 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). Read more