FCA
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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.
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The FCA is reviewing how it can simplify regulation for commercial insurers.
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The consultation is a “welcome change of approach” from the regulator.
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Plans include a new definition of commercial customers and lead insurers compliance only.
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The FCA’s aim is to reduce regulatory costs and increase the competitiveness of the commercial insurance market.
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Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.
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MGAs are looking hard at capacity arrangements for fear of regulatory action.
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Regulation is one of the driving forces for most small brokers to sell.
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FCA data reveals a worrying drop in new broker authorisations.
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The fine relates to a breach that took place in 2017, where hackers were able to access the data of 13.8 million UK consumers.
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The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.
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