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City Minister John Glen has outlined new Solvency II measures to reduce bureaucracy and relax regulation in the insurance industry. -
UK branches could become less attractive to European reinsurers if additional supervisory requirements are introduced, the lobby group told a House of Lords inquiry.
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The Bank of England governor indicated how Solvency II reforms could create opportunities for carriers to support investment.
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At root, London and Lloyd’s needs to strengthen its value proposition for four distinct groups: capital providers, multi-platform carriers, brokers and cedants.
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Industry veteran argues that the culture of the UK regulator is stifling growth.
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The FCA has hired 60 staff this year alone, with more than 200 set to join by the end of the quarter, including 95 on its authorisations team.
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Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
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The Italian insurer’s board has experienced a string of resignations in recent weeks.
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FCA employees who are Unite members have voted to back industrial action, after CEO Nikhil Rathi upset staff with proposed changes to pay and work practices.
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Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
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Multiple government and regulator reviews have launched at a time when the cost of compliance is already piling pressure on brokers.
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Secretary of state Michael Gove claimed the market is “failing some leaseholders”.
