FCA
-
Director of competition Graeme Reynolds will cover role until a replacement is found.
-
The strategy is a 10-year plan to drive growth in UK financial services.
-
The government is consulting on reforms to the existing regulations.
-
Cultural transformation, education, and leadership are also essential to creating safe workplaces.
-
The PRA, FCA and Society of Lloyd’s have agreed to the changes.
-
The FCA is reviewing how it can simplify regulation for commercial insurers.
-
The consultation is a “welcome change of approach” from the regulator.
-
Plans include a new definition of commercial customers and lead insurers compliance only.
-
The FCA’s aim is to reduce regulatory costs and increase the competitiveness of the commercial insurance market.
-
Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.
-
MGAs are looking hard at capacity arrangements for fear of regulatory action.
-
Regulation is one of the driving forces for most small brokers to sell.