Tag Archives: FCA

EXTENDING THE SENIOR MANAGERS AND CERTIFICATION REGIME TO INSURERS

The UK Senior Managers and Certification Regime (SMCR) is being extended to all financial services firms during 2018. PRA and FCA proposals applying to insurers build on the Senior Insurance Managers Regime (SIMR) although the transition to the SMCR is … Continue reading

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FCA CONSULTS ON EXTENDING THE SMCR TO INSURANCE INTERMEDIARIES

The FCA has published proposals to extend the Senior Managers and Certification Regime (SMCR), which already applies to banks, to other financial services firms.  The new rules, which are designed to make individuals more accountable for their actions, will affect … Continue reading

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Filed under At a Glance, Intermediaries, Legal/Regulatory

FCA Guidance Consultation paper GC17/5 “Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers”

In May 2017, the FCA published a guidance consultation paper (GC17/5) entitled “Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers”. The draft guidance in this document sets out the FCA’s approach to reviewing … Continue reading

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FCA publishes its Business Plan for 2017/2018, Mission and Sector Views

The FCA has published its Business Plan for 2017/2018, setting out details of the specific areas of work the FCA is prioritising for the next year, as well as key trends in, and implications for, the markets and firms regulated … Continue reading

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Wholesale Insurance Market Review

In its 2017/18 Business Plan, released on 19 April 2017, the FCA set out its intention to undertake a market study of the wholesale insurance market. According to its Sector Views, the FCA divides the General Insurance and Protection (GI&P) … Continue reading

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FCA Thematic Review TR16/2 – “Fair treatment of long-standing customers in the life insurance sector”

In March 2016, the FCA published a thematic review (TR16/2) entitled “Fair treatment of long-standing customers in the life insurance sector”. In the review, the FCA assessed how firms are operating their closed books and whether they are treating their … Continue reading

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A new regime for senior insurance managers: changes to the approved persons regime for Solvency II firms

In November 2014, the PRA and the FCA proposed wide-ranging reforms of the Approved Persons Regime (APR) for insurers and reinsurers. The PRA will introduce a Senior Insurance Managers Regime (SIMR), in line with its commitment to extend to insurers … Continue reading

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Solvency II and Non-Executive Directors

The PRA and FCA have confirmed their approach to non-executive directors (NEDs) under the Senior Insurance Managers Regime (SIMR).  Some NEDs will have to be pre-approved by the regulator; others, so-called “Standard” NEDs, will not.

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PRA proposes clampdown on solvent schemes

The PRA has put down a clear marker that policyholder interests must come first when insurers are looking for ways to return capital to shareholders.  It is particularly concerned that schemes of arrangement used by solvent insurers to achieve an … Continue reading

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Filed under Insurers, Legal/Regulatory, Miscellaneous