PRA
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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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The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.
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Insurance Insider has compiled a digest of a complex web of regulatory reforms that will take shape during the next 18 months.
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The regulator plans to start disclosing results for individual insurers from stress tests, as it draws on new legal powers to enhance testing of financial resilience.
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The Prudential Regulation Authority has set out elements that will underpin the implementation of its new objective to harness the financial sector's competitiveness.
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The PRA's Sam Woods said that, after the Solvency II reforms take effect, the government will need to monitor whether insurers invest £100bn in green infrastructure investments.
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The Treasury has set out four options to take effect when insurers, outside the Lloyd's market, are at risk of collapse.
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The new reforms will mean the PRA cutting red tape for insurers to foster competition while maintaining Solvency II standards.
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The UK government is aiming to introduce its changes to the Solvency II regime as soon as practicable.
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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.
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The UK Prudential Regulation Authority plans to publish an annual report showing how it has implemented a statutory duty to enable economic growth and the financial sector’s competitiveness.
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At Trading Risk’s London ILS 2023 conference, the PRA’s head of division for London markets, Andrew Dyer, explained how the PRA is executing its plans to bolster the UK ILS market.
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The PRA will undertake work to understand liquidity risk across insurers, after liquidity crises that have engulfed Silicon Valley Bank, Signature Bank and Credit Suisse.
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The regulator has set out priorities for monitoring climate risks for the financial system and how it will address climate-related gaps in the regulatory regime.
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The regulatory reform will require the PRA to change the shape of what the directorate does, according to BoE’s Sam Woods.
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The regulator will propose quantitative metrics that Parliament could use to hold the regulator accountable for achieving a new growth objective.
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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.
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The regulator made the comments in correspondence with MPs amid ongoing discussion on Solvency II reform.
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The UK Treasury has set out proposals for a new resolution regime that would be triggered when insurers are on the verge of insolvency.
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The network’s report into how regulators process approvals is the latest study to unearth operational failures at the Financial Conduct Authority.
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The regulator has implemented several changes, which it says will increase UK competitiveness and bolster participation in the UK’s ILS market.
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In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.
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The government will consult in Q1 2023 on pulling ESG ratings providers into the FCA’s perimeter.
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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.
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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.
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MPs have criticised the Treasury’s move to delay the introduction of a call-in power against regulators, in a bill passing through Parliament.
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In a speech last night, the PRA CEO issued the regulator’s latest warning to MPs about regulatory reforms.
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After the new Cabinet was formed and ministerial appointments announced, Andrew Griffith has retained a portfolio that includes financial services regulation.
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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.
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The regulator has seen various levels of embedding climate risk management processes among insurers and banks, and called for more progress by “all firms”.
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Firms must use up-to-date information to avoid a “material deterioration of solvency coverage”, according to the letter published by the PRA.
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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.
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The watchdog is seeking views on topics such as where there are barriers to the safe and widespread adoption of AI.
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The PRA’s executive director of prudential policy Vicky Saporta has outlined how a new competitiveness objective will be put into practice.
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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.
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