PRA
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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 government has also resisted any new accountability measures that would impact the regulators’ independence, in a response to an MPs’ report.
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In a letter to the Treasury Committee, Bank of England Governor Andrew Bailey said the bank does support proposals to enhance regulatory accountability.
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The authorities have launched a discussion paper on how “critical” third-party suppliers can be regulated, including with skilled-person reviews.
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The Bank of England has warned that data gaps and inconsistencies in ESG ratings are impacting insurers’ responses to climate risk.
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With Anna Sweeney due to leave, the PRA is now looking to fill one of its most influential roles for insurance supervision.
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As the Treasury falls under pressure to ramp up oversight of the FCA and PRA, Insurance Insider explores what this should mean in practice.
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Whitehall plans to give regulators a suite of new powers to oversee critical technology providers to insurers and banks.
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The consultation unveils the details on a new mobilisation regime for insurer start-ups, along with plans to cut reporting burdens.
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The regulator plans to review applications from wholesale insurance firms initially on the basis of preliminary information.
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The PRA said that rising costs stemmed largely from the need to establish a robust post-Brexit regulatory regime.
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The government acknowledged it would be unfair for shareholders to continue to benefit financially when insurers fall into insolvency.
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