Regulation
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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. -
As financial secretary, Andrew Griffith MP will take responsibility for regulatory reforms, including to Solvency II, as well as the City’s competitiveness.
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The FCA’s CEO said the regulator is making progress on clearing the backlog, in a response to a Treasury Committee report on regulation and accountability.
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The government has also resisted any new accountability measures that would impact the regulators’ independence, in a response to an MPs’ report.
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The International Underwriting Association’s CEO Dave Matcham believes certain Blueprint Two projects can be vital in attracting more business to the London market.
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The ratings agency placed the carrier’s ratings on negative review earlier this year, prompting broker and cedant scrutiny.
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Plus the latest on the FCA backlog, exclusive people moves and all the top news of the week.
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A Freedom of Information Act request has uncovered delays insurance firms face when waiting for FCA case officers to start work on approvals.
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The leadership contender is said to be privately critical of the FCA, which has been beset by strikes and delays.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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In a letter to the Treasury Committee, Bank of England Governor Andrew Bailey said the bank does support proposals to enhance regulatory accountability.
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The new rules are designed to ensure principal firms enhance oversight of systems and controls across appointed representatives.
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