PRA

The UK Treasury has set out proposals for a new resolution regime that would be triggered when insurers are on the verge of insolvency.

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

The regulator has implemented several changes, which it says will increase UK competitiveness and bolster participation in the UK’s ILS market.

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

The government will consult in Q1 2023 on pulling ESG ratings providers into the FCA’s perimeter.

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 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.

Senior officials from the UK Treasury and Prudential Regulation Authority agreed measures with US Treasury officials to ensure transatlantic access to reinsurance is opened up.

The regulator has seen various levels of embedding climate risk management processes among insurers and banks, and called for more progress by “all firms”.