Prudential Regulation Authority (PRA) News

UK Banks Should Be on ‘War Footing’ over Rising Cyber Threats: Regulator

The Bank of England told banks to be ready for war against the mounting threat of crippling cyber attacks. “I would like our firms to be on a WAR footing: withstand; absorb; recover,” Lyndon Nelson, deputy chief executive of the …

Lawmaker Calls for UK to Uphold Financial Services Competitiveness After Brexit

Britain’s financial regulators should have a formal objective to keep London’s banking and insurance sectors globally competitive after Brexit, a senior lawmaker said on Thursday. The now defunct Financial Services Authority had a requirement to pay heed to competitiveness – …

Bank of England Will Not ‘Go Soft’ on Enforcing EU Solvency II Capital Rules

The Bank of England will not “go soft” on enforcing European Union capital rules for insurers, but will look at ways to make it easier for new entrants to boost competition in the industry, its deputy governor Sam Woods said …

UK Could Lose 75,000 Insurance, Banking Jobs as a Result of Brexit: Regulator

Sam Woods, Britain’s top banking regulator, said a consultancy’s estimate that Brexit could cause as many as 75,000 job losses in banking and insurance is “plausible” if the U.K. leaves the European Union without a trade deal. About 10,000 U.K.-based …

UK Insurers Face Looming Brexit Deadline to Move Contracts with EU Clients

Insurers in Britain face crunchtime within weeks if the government and the European Union do not allow millions of cross-border policies to continue to run undisturbed beyond Brexit. While Britain is not due to leave the bloc until March 2019, …

Post-Brexit Implementation Period ‘Desirable’ for UK, EU Firms: Bank of England

The Bank of England said a transition period after the Britain leaves the European Union would give banks more time to make orderly changes as Brexit poses risks to financial stability. With the UK due to leave the bloc in …

UK Regulator to Extend Senior Manager Conduct Rules to All Finance Firms

UK regulators set out plans for ensuring senior staff of financial-services firms can be held to account for misconduct on their watch, extending rules already in place for banks to almost all firms. The Senior Managers and Certification Regime is …

Days of Cyber Insurers Avoiding Costly Claims May Be Numbered: Expert

Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that. “It’s exceptionally likely that we will see an event over the next months that will seriously …

Bank of England to Focus on Insurance Consumer Protections

The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE’s Independent Evaluation Office (IEO) looked at how the central bank’s …

EU Solvency II Rules Need ‘Tweaks,’ Not Overhaul: Bank of England

EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers’ claim, the Bank of England said on Wednesday. Officials from Aviva and Legal & General, two of Britain’s biggest insurers …