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.

FCA data reveals a worrying drop in new broker authorisations.

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.

The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.

New data on the FCA's operational performance shows improvements in some aspects, though response rates are still slow on senior appointment casework.

Reforms to the UK listing regime may enhance prospects of an insurance firm opting to IPO in London in future, but several broader problems, including liquidity issues, will also affect such a decision, according to industry sources.

Sean McGovern, chair of the London Market Group, outlined why it is critical for the trade body’s outreach programme to build the market’s talent pipeline and attract data science expertise.

The FCA wants streamline listing rules in the UK to attract a wider range of companies to IPO in London.

The authority will be investing £12.7mn to implement regulatory reforms that will see it focus on economic growth as a secondary objective.

Reliable ESG information is increasingly important, as an estimated $33.9tn of global assets under management will consider ESG factors within three years.

Therese Chambers and Steve Smart will share the role soon to be vacated by Mark Steward.

The regulator has faced criticism over its approval times and operations, and it has since invested in extra staff.

The regulator called the descriptions of data sources used by ratings providers “particularly poor”.

The PRA’s Charlotte Gerken has set out the regulator’s initial thinking on tracking inward investment to the London market, among other measures, to implement its new economic growth duty.

In a discussion paper the regulator has highlighted good practices on sustainability-related governance and competence, as it seeks more consistency among financial firms.

The network’s report into how regulators process approvals is the latest study to unearth operational failures at the Financial Conduct Authority.

In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.

Chancellor Jeremy Hunt has written to both financial regulators instructing them to consider government policy to bolster the UK’s competitiveness as a global financial centre, as part of major reforms announced today.

The regulator’s CEO and chairman issued stark warnings to MPs about regulatory intervention powers for ministers that could be inserted into a reform bill.

The Treasury is yet to clarify its plans to introduce ‘call in’ powers against regulators, or detail how regulators will be held accountable over a new growth duty.

MPs have criticised the Treasury’s move to delay the introduction of a call-in power against regulators, in a bill passing through Parliament.

In a speech last night, the PRA CEO issued the regulator’s latest warning to MPs about regulatory reforms.

After the new Cabinet was formed and ministerial appointments announced, Andrew Griffith has retained a portfolio that includes financial services regulation.

Nikhil Rathi plans to address in a speech tonight regulatory reforms in the Financial Services and Markets Bill, now being debated in Parliament.

The regulator has set out how tech companies such as Amazon and Apple may expand in UK financial services through M&A and other means.

Mark Steward has worked at the FCA since 2015, leading the charge on some of the regulator’s most high-profile cases.

The opportunity to set in statute meaningful powers and metrics to hold financial regulators accountable will reach a tipping point in the coming weeks, as the Financial Services and Markets Bill progresses through the next parliamentary stages.

The watchdog is seeking views on topics such as where there are barriers to the safe and widespread adoption of AI.

The regulator is now reviewing a voluntary objective to determine 85% of approved person applications in five days.

Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.

Financial Secretary Andrew Griffith will have oversight of reforms to FCA and PRA operations, but how far he’ll take that mandate is an open question.

The FCA’s CEO said the regulator is making progress on clearing the backlog, in a response to a Treasury Committee report on regulation and accountability.

The government has also resisted any new accountability measures that would impact the regulators’ independence, in a response to an MPs’ report.

A Freedom of Information Act request has uncovered delays insurance firms face when waiting for FCA case officers to start work on approvals.

The watchdog will also base its digital delivery centre in the Yorkshire city.

The Financial Conduct Authority and Financial Reporting Council have published two reports on findings from a review of listed firms’ climate disclosures.

Just three senior managers in insurance were reported to the watchdog during 2020/21, according to data accessed by consultancy Sicsic Advisory via a freedom of information request.

The regulator has released data that shows it is failing to meet certain voluntary and statutory operational targets.

The authorities have launched a discussion paper on how “critical” third-party suppliers can be regulated, including with skilled-person reviews.

The regulator has submitted a formal request to the Treasury for an extended remit to regulate ESG data providers.

The regulator has published data showing its performance against processing targets, amid criticism about its operations.

Plus all the latest people moves and the top news from the week.

Richard Lloyd was appointed interim chair of the FCA last month after the departure of Charles Randall.

The FCA’s executive director of authorisations Emily Shepperd has described how the watchdog is resolving a lengthy case backlog.

As the Treasury falls under pressure to ramp up oversight of the FCA and PRA, Insurance Insider explores what this should mean in practice.

Whitehall plans to give regulators a suite of new powers to oversee critical technology providers to insurers and banks.

An FCA letter to the government suggests various ways to resolve issues around soaring pricing on medium- and high-rise properties with multiple occupancy.

The rules will apply to listed companies for financial accounting periods starting from 1 April 2022.

The watchdog has appointed two directors of authorisations as it continues to recruit 95 roles for the authorisations unit.

The regulators set out their views to MPs on a proposed statutory objective to focus on the UK financial services sector’s competitiveness.

FCA employees who are Unite members have voted to back industrial action, after CEO Nikhil Rathi upset staff with proposed changes to pay and work practices.

Secretary of state Michael Gove claimed the market is “failing some leaseholders”.

The FCA’s CEO Nikhil Rathi said the regulator could disclose information on listed firms that miss diversity targets for the make-up of their boards.

Plus a look at reinsurers’ cat budgets and all the top news from the week.

The regulator said many firms will not be ready to meet the 1 October deadline for new product governance rules.

The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows the total number of claims is starting to stabilise.

The regulator’s proposals also suggest there should be at least one senior board member from a non-white ethnic minority background at every listed firm.

The regulator has responded to industry feedback with final changes to rules for SPAC listings, creating an easier path for firms taking this route.

New CEO Nikhil Rathi says the watchdog will become “proactive, tough and agile”.

The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.

Hiscox leads with the largest number of accepted claims and interim payments, while MS Amlin lags on payment of data-supported claims.