PRA Seeks to Clarify Meaning of “Insurance Holding Company”

27 October, 2021
The PRA is proposing to introduce a new definition of “insurance holding company” into its rulebook (CP17/21).  The change means that some companies that are currently regarded as “mixed-activity insurance holding companies” would probably be reclassified as insurance holding companies for the purposes of group supervision. Read more

HM Treasury Consults on Amendments to Insurer Insolvency Regime

02 August, 2021
Recent proposals to amend insolvency rules applying to insurers aim to enhance and clarify existing powers for a court-ordered write-down of an insurer’s policy and other contractual liabilities under section 377 FSMA. Other proposed measures include: a moratorium on certain contractual termination rights in service contracts and financial contracts to which insurers are party; a … Read more

Driving Meaningful Change in Diversity and Inclusion in the Financial Sector

16 July, 2021
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

International data transfers – Commission adopts UK adequacy decisions just in time

02 July, 2021
On 28 June 2021, the European Commission adopted two decisions confirming the UK as an adequate jurisdiction for GDPR and Law Enforcement Directive purposes.  As the interim data transfer window under the Brexit Trade Agreement expired on 30 June, this was just in time to allow the uninterrupted free flow of personal data from the European Union to … Read more

FCA final rules on general insurance pricing practices – “At a glance” guide

22 June, 2021
The FCA has implemented a package of remedies to address problems identified in its market study looking at pricing practices in home and motor insurance markets.  “Price walking”, a practice which means that existing customers can pay considerably more at renewal of their policies than new customers for the equivalent cover, will be prohibited. Read more

Article published – Insurance and insolvency

27 May, 2021
The pandemic has plunged many previously healthy businesses into or close to insolvency, with serious implications for both the company itself and its commercial counterparties. Fiona Treanor, Antonia Pegden and Alexander Oddy have written an article for In-House Lawyer magazine which outlines some of the key insurance issues which should be considered by in-house lawyers … Read more

The FCA’s proposed new ‘Consumer Duty’ – what does it mean?

14 May, 2021
The FCA has published its long-awaited consultation on ‘duty of care’ which has morphed into a proposed package of measures intended to deliver better outcomes for consumers – together a new ‘Consumer Duty’. The consultation, which is open until 31 July 2021, proposes: a new Consumer Principle that provides an overarching standard of conduct; and a set of Cross‑cutting … Read more