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Showing 1 - 10 of 122 matches filtered by 'PRA'

  • Insurance 2020: Climate change

    27/02/2020
    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 ...
  • Insurance 2020: InsurTech and the future of retail insurance

    21/01/2020
    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...
  • Regulators consult on Operational Resilience: A paradigm shift in the regulation of financial stability

    16/12/2019
    Background 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...
  • General Insurance firms- PRA priorities for 2020

    06/11/2019
    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; UK retail...
  • Insurance Outsourcing: PRA to publish new Supervisory Statement

    26/09/2019
    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...
  • PRA flags current operational risk and resilience, cyber security and outsourcing issues for credit unions

    23/09/2019
    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. 
  • Brexit news for financial services firms-from 20 July 2019 to 2 August 2019

    06/08/2019
    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....
  • PRA Dear CEO Letter to Fast Growing Firms

    14/06/2019
    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 ...
  • Select Committee of MPs to look into blockchain and digital currencies

    27/02/2018
    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 ...
  • Individual responsibility - extending SMCR to the entire industry

    04/09/2017

    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.

    Download