UK insurance regulation News

UK Regulator Warns Insurers to Have ‘Robust’ Coronavirus Contingency Plans

The UK Financial Conduct Authority (FCA) reminded insurers on Thursday to have “robust” operational resilience and business continuity plans in place to respond to possible disruptions caused by the coronavirus pandemic. The FCA expects firms to have “sufficiently robust systems …

Britain’s Insurance Sector Urged to Compete by Selectively Diverging from EU Rules

A senior official from Britain’s insurance sector on Wednesday laid out the case for selective divergence from EU rules to add to London’s appeal as a competitive global financial center. Britain left the European Union on Jan. 31 and will …

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 – …

UK’s Regulator Reviews Mission as It Redefines Itself Under New CEO

The U.K. Financial Conduct Authority opened a review of its regulatory “mission” as the agency looks to redefine itself under a new chief executive officer following a turbulent year. The regulator said Wednesday that it’s looking to create a “guiding …

UK’s FCA Wastes No Time in Setting Priorities; 15% Budget Increase

The UK’s newly established Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which replaced the FSA on April first, have lost no time in ordering their priorities for 2013/14. The FCA announced that its overall Annual Funding Requirement …