PRA

Firms must use up-to-date information to avoid a “material deterioration of solvency coverage”, according to the letter published by the PRA.

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 PRA’s executive director of prudential policy Vicky Saporta has outlined how a new competitiveness objective will be put into practice.

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.

In a letter to the Treasury Committee, Bank of England Governor Andrew Bailey said the bank does support proposals to enhance regulatory accountability.

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

The Bank of England has warned that data gaps and inconsistencies in ESG ratings are impacting insurers’ responses to climate risk.

With Anna Sweeney due to leave, the PRA is now looking to fill one of its most influential roles for insurance supervision.

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.