Biggest market correction The sheer magnitude of economic change to be brought about by climate change law and policy at times is difficult to conceptualise. For the insurance sector this change has major financial implications in terms of both investment and claims. The world’s economies (all sectors and sub-sectors) effectively ...
A key focus of the Open Banking initiative is the use of technology to put consumers in control of their data, making it easier for them to move, manage, and make more of their money. In the insurance sector it is easy to draw many parallels. Like banks, many traditional insurers have extensive legacy systems, which can make digital transformation challenging, and hold or have access to vast data...
On 5 December 2019, the FCA, PRA and Bank of England (the “Regulators”) all published their joint and coordinated Consultation Papers (“CPs” the CPs are available here, here and here) on new requirements to strengthen operational resilience in the financial services sector. They are a response to the Treasury Select Committee’s investigation into IT failures within the financial services...
On 5 November 2019 the PRA published a new ‘Dear CEO’ letter summarising their priorities for the general insurance sector for 2020. The priority areas of focus for the months ahead include:
reserve adequacy and associated governance and controls;
discipline in underwriting strategies, remediation activity and controls;
emerging risk trends and exposure management practices;
In a speech published yesterday on insurance risk management, the PRA announced that it is planning to issue a new supervisory statement on outsourcing in October. Charlotte Gerken noted that “The supervisory statement is intended to provide a one-stop source of reference on outsourcing and third-party risk management, bringing together previously issued guidance. It also sets out additional guidance...
The PRA has reminded credit unions of its expectations regarding operational risk and resilience, cyber security and outsourcing issues in the published findings of its 2019 annual assessment of the credit union sector.
EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES
The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....
On 12 June 2019 the PRA published a new ‘Dear CEO’ letter summarising the regulator’s findings from a review of 20 non-systemic deposit taking firms that it has undertaken over the past year. The firms reviewed are mostly growing faster than the market as a whole, so the PRA refers ...
On 22 February 2018 The House of Commons Treasury Committee (also referred to as the ‘Treasury Select Committee’ or ‘TSC’) launched an inquiry into the role of digital currencies and the technologies underpinning them. The purpose of this inquiry is to increase understanding of digital currencies and distributed ledger technologies ...
CMS UK held a seminar on 4 September on 'Individual responsibility - extending SMCR to the entire industry', led by Simon Morris and Alison McHaffie.
The seminar covered:
1. What’s going on?
2. What will it look like?
3. The implementation project
4. Senior managers
5. Certified & other staff – and what fit and proper means
6. The rules – and what they mean
The seminar slides are available to view/download via the link in the title.