FCA consults on gateway for firms approving financial promotions for unauthorised persons

The FCA has set out its plans to operate a new gateway for the approval of financial promotions (CP22/27). Who could be affected? Firms which approve financial promotions for unauthorised firms should review and consider these proposals carefully. Unauthorised firms which currently rely on authorised firms to approve their financial promotions should also consider how … Read more

HM Treasury announces final reform package following review of Solvency II

A version of this article was first published on Thomson Reuters Regulatory Intelligence. The Treasury’s plans to reform Solvency II have entered their next phase after it published the results of its April 2022 consultation. This coincided with its Autumn statement, signifying the importance attributed to Solvency II reforms within the Government’s wider plans to … Read more

Climate change: insurers’ exposure to physical and transitional risks

The Bank of England’s (BoE) first Climate Biennial Exploratory Scenario 2021 (CBES) explored climate change driven financial risks posed to the largest insurers and banks operating in the UK. This article focuses on the CBES’s findings in respect of the physical risks (ie risks related to physical damage resulting from climate change) and transition risks … Read more

New Practical Law insurance column by Grant Murtagh: October 2022

Grant Murtagh has recently begun writing a regular column for Practical Law in which he shares his thoughts on topical insurance issues. In his first issue, Grant discusses: HM Treasury’s review of Solvency II and the efforts to build consensus on what will change as a result of that review The PRA’s focus on concentration … Read more

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

Regulation in Focus Podcast – Operational Resilience

The latest edition of our Regulation in Focus podcast series features two former regulators in conversation about operational resilience – Andrew Procter from Herbert Smith Freehills and Michael Sicsic from Sicsic Advisory. The discussion focuses on implementation of operational resilience requirements for the upcoming UK regulatory deadline of 31 March 2022. Read more

Solvency II – 2022 reforms

The Brexit transition period ended more than a year ago, but insurance sector firms were insulated from the full impact of the UK's withdrawal from the EU during 2021. This is set to change in 2022. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) concessions to firms affected by Brexit fall away from March 31, 2022 and most firms that are currently in the Temporary Permissions Regime will need to transition to full authorisation once notified of their "landing slot"... 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