PRA

Whitehall plans to give regulators a suite of new powers to oversee critical technology providers to insurers and banks.

The consultation unveils the details on a new mobilisation regime for insurer start-ups, along with plans to cut reporting burdens.

The regulator plans to review applications from wholesale insurance firms initially on the basis of preliminary information.

The PRA said that rising costs stemmed largely from the need to establish a robust post-Brexit regulatory regime.

The government acknowledged it would be unfair for shareholders to continue to benefit financially when insurers fall into insolvency.

The Prudential Regulation Authority’s CEO appeared at the House of Lords inquiry into London market regulation this morning.

The regulators set out their views to MPs on a proposed statutory objective to focus on the UK financial services sector’s competitiveness.

The Bank of England governor indicated how Solvency II reforms could create opportunities for carriers to support investment.

Data obtained from PRA and FCA shows fewer Skilled Persons Reviews in recent years – but the tool remains a valuable one for regulators.

The regulator said it does not seek to either “incentivise or disincentivise” legacy transfers.

In a Dear CEO letter from Charlotte Gerken and Anna Sweeney, the regulator has set out expectations on climate change, systemic risks, and a stress test for later this year.

Trade body Insurance Europe has warned the Prudential Regulation Authority (PRA) that the temporary regime enabling EU reinsurers to trade in the UK will close before they know which of the Solvency II reforms will be taken forward.