PRA

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”.

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.