Prudential Regulation Authority (PRA) News

UK Government Rushes to Outline Proposed Power to Overrule Financial Regulators

The UK government is rushing to outline a proposed power to overrule the City of London’s financial regulators, as it tries to avoid accusations that the move is an attack on their independence. The power is due to be added …

MS Amlin Underwriting Fined $11 Million for Risk Management Failings

The Bank of England said on Thursday it had fined insurer MS Amlin Underwriting Ltd (MSAUL) 9.695 million pounds ($10.84 million) for failings in its governance, controls and risk management which spanned five years. The central bank’s regulatory arm, the …

London’s Financial Services Firms See Potential in Liz Truss’ ‘Radical’ Policies

After an international career in finance, a rapid political rise and high profile as chancellor of the exchequer during the pandemic, Rishi Sunak must have expected the full-throated backing of the financial sector when he made a bid to lead …

Front Runner to Be Next UK PM Wants to Review Financial Watchdogs’ Roles: Source

Liz Truss, the front-runner to become Britain’s next prime minister, wants to examine the roles of the country’s three financial regulators as part of a review, a source close to her leadership campaign said on Thursday. Provided she wins the …

London’s Financial Center Struggles to Find Its Way in Post-Brexit Britain

London is in danger of becoming a mere “regional stock market” down the line unless it significantly raises its game — that is the warning from Mark Austin, the latest person charged with sprucing up the UK’s listing rules and …

New UK Finance Minister Targets Flexibility of Post-Brexit Financial Regs, Solvency II

Britain’s government must focus on sound public finances and avoid further fueling inflation by pumping up demand, new finance minister Nadhim Zahawi is due to say in his first major speech on Tuesday. Zahawi will address the City of London’s …

UK Regulator May Lack Bandwidth to Push Post-Brexit Competitiveness: Policymaker

The Bank of England may not have enough resources to implement an extra objective of maintaining Britain as a competitive global financial center, a policymaker designate said on Monday. Britain’s government is due this week to unveil a draft law …

Lloyd’s Gathers Business Interruption Data for UK Regulator

Lloyd’s of London is collating details of insurers’ business interruption coverage for the Prudential Regulation Authority and is in discussions about a government backstop to cover future pandemics, it said in a letter seen by Reuters. It asked its members …

Growing Number of UK Insurers Cancel Dividends Amid COVID-19 Concerns

British insurers canceled more than 1 billion pounds ($1.2 billion) of dividends on Wednesday, in moves welcomed by the Bank of England which had cautioned the sector about the risk of heavy costs from the spread of the coronavirus. Aviva, …

Bank of England Enhances Scrutiny of Lloyd’s Whistleblower Systems

The Bank of England has stepped up its monitoring of Lloyd’s of London’s whistleblowing systems, the central bank said on Monday, after reports this year about sexual harassment and bullying at the 330-year old insurance market. The Prudential Regulation Authority …