PRA
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The reduced fine reflected the PRA view that the breaches weren’t deliberate. -
The strategy is a 10-year plan to drive growth in UK financial services.
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The government is consulting on reforms to the existing regulations.
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The PRA, FCA and Society of Lloyd’s have agreed to the changes.
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The proposals consist of supervisory expectations rather than rules.
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By March, firms must be able to show they can remain within impact tolerances.
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The workshops will provide feedback on the logistics of producing and running a set of stylised adverse events.
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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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The IUA argued the change would change the mutualisation of risk in the market.
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The changes lift the threshold for companies reporting in the Solvency UK regime to £25mn.
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The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.
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