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Tag Archives: FCA

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – November 2017

The Hogan Lovells’ Corporate Insurance Newsletter for November  has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Launch of the FCA’s market study of the wholesale insurance brokers market Publication by the FCA and PRA of

Posted in Regulatory and legislative updates, UK

UK: Launch of FCA Wholesale Insurance Broker Market Study

The FCA has yesterday launched a market study into wholesale insurance broking practices.  The FCA has published Terms of Reference for the study, which are discussed below.  The FCA’s 2017 business plan (published in April of this year) signalled the FCA’s plans to undertake this market study (previously discussed on this blog here). The FCA

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – October 2017

The Hogan Lovells’ Corporate Insurance Newsletter for  October  has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: The publication of the results of the Treasury Select Committee’s inquiry into the implementation of Solvency II The

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July 2017

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Publication of final drafts of regulations on insurance linked securities PRA’s policy statements on dealing with a market

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – June 2017

The Hogan Lovells’ Corporate Insurance Newsletter for June has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: The Queen’s Speech – the Government announces a number of new Bills relevant to insurers The FCA call for

Posted in Regulatory and legislative updates, UK

UK: FCA call for input on access to insurance

On 20 June 2017, the Financial Conduct Authority (“FCA“) published a Call for Input inviting firms (amongst other stakeholders) to submit their views on the challenges they face in providing travel insurance to consumers who have (or have had) cancer (“Relevant Consumers“) by 15 September 2017. The issue In May 2016 the FCA published its

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2017

The Hogan Lovells’ Corporate Insurance Newsletter for May has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: The FCA’s final rules on implementing information prompts in the annuity market The FCA’s consultation on proposed guidance on

Posted in Regulatory and legislative updates, UK

UK: FCA consults on its approach to reviewing Part VII transfers of insurance business

On Monday 15 May 2017 the Financial Conduct Authority (FCA) published a consultation paper on new proposed guidance on its approach to reviewing applications to transfer insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA) (a Part VII Transfer).  Comments are requested by 15 August 2017. In accordance with the

Posted in Regulatory and legislative updates, UK

UK: FCA General Insurance and Protection Sector Views 2017

The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week.  Some of the key points are highlighted below: Technological Advances as Drivers of Change The General Insurance sector has been affected by technological advances which have given firms access to

Posted in Regulatory and legislative updates, UK

UK: FCA 2017/2018 Business Plan – Sector priorities for general insurance

In its recently published 2017/2018 Business Plan the FCA outlines its priorities for the general insurance sector over the coming year and beyond. In general, the Business Plan identifies a shift in focus towards market structures, incentives and distribution and away from issues directly affecting retail/SME consumers (though the FCA will continue to monitor and review

Posted in Case reports, UK

UK: Wood v Capita Insurance Services Limited

Be aware of drafting (or seeking to interpret) a contractual indemnity provision in isolation.  Appreciating the wider contractual context will avoid surprises. The Supreme Court has held that the indemnity clause in an SPA did not operate to indemnify the buyer of an insurance broker against compensation paid to customers as a result of mis-selling.

Posted in Regulatory and legislative updates, UK

UK: FCA’s consultation paper on the implementation of the Insurance Distribution Directive

On 6 March 2017 the FCA published its first consultation paper (CP 17/7, the “Consultation Paper“) on its proposals for implementing the Insurance Distribution Directive ((EU) 2016/97, the “IDD“).  The deadline for implementation is 23 February 2018. The FCA plans to make a number of important changes to the FCA rules in order to accommodate

Posted in Regulatory and legislative updates, UK

UK: FCA’s policy statement on the final rules and guidance for PPI complaints handling

On the morning of 2 March 2017 the FCA published PS 17/3 (the “Policy Statement”), its response to feedback on its proposals regarding the handing of Payment Protection Insurance (“PPI“) mis-selling complaints.  The FCA’s original proposals were set out in CP 15/39 (see our blog post), and a further consultation was issued in CP 16/20

Posted in Market developments, UK

UK: Consultation on New Regulatory Framework for Insurance Linked Securities Opens

The FCA have opened a consultation on proposals to amend the FCA Handbook to incorporate a new regulated activity of “insurance risk transformation”. The consultation documentation can be found on the FCA’s site, here. Responses are due by 14 March 2017. The FCA are proposing changes to parts of the Handbook to incorporate Insurance Linked

Posted in Regulatory and legislative updates, UK

UK: Is your professional indemnity insurance up to scratch? FCA undertakes a review of general insurance intermediaries

Background In December 2016 the FCA released a report setting out the results of a thematic review it conducted into general insurance intermediaries’ professional indemnity insurance.  Professional indemnity insurance (“PII“) gives protection to firms and their customers in the event of professional failings by the firm.  The purpose of the review was to evaluate the

Posted in Market developments, UK

UK: Swings and Roundabouts: An Economic Analysis of Price Discrimination and Cross-Subsidy

The FCA recently published Occasional Paper No.22, analysing price discrimination and cross-subsidy in financial services.  Already used widely in the market, these pricing practices will only become more common with the advent of Big Data.  Are they a cause for concern, or just a natural aspect of healthy competition?  The Paper considers the economic impacts

Posted in Market developments, Regulatory and legislative updates, UK

Plans for secondary annuities market pulled by UK Government

Yesterday (18 October 2016), the UK Government announced it will not be taking forward its plans to create a secondary annuities market. The announcement was unexpected – having set the course for creating more choice for holders of annuities by enabling them to surrender an annuity back to the provider or sell it to a

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – September 2016

The Hogan Lovells’ Corporate Insurance Newsletter for September has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: FCA/PRA developments Treasury Select Committee inquiry into EU insurance regulation PRIIPS developments

Posted in Regulatory and legislative updates, UK

UK: FCA parks CASS refresh – for now

In August 2016, the FCA released a statement providing an updated on Consultation Paper 12/20 (“Consultation 12/20”) Background The purpose of Consultation 12/20, held in August 2012, was to review the rules on holding client money applicable to general insurance intermediaries.  The FCA discovered various issues of concern during its review of CASS 5, including

Posted in Market developments, Regulatory and legislative updates, UK

A chance for second thoughts… Creating a secondary annuity market for the UK

Since greater pensions freedoms were introduced in April 2015, individuals retiring in the UK have had significantly wider choice where it comes to accessing their pension savings. The choices now include: taking all the pension savings as a lump sum, subject to income tax on 75% of it; taking up to 25% of the pension

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – August 2016

The Hogan Lovells’ Corporate Insurance Newsletter for August has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: FCA/PRA developments HM Treasury consultation on the Mutuals’ Deferred Shares Regulations IAIS paper on cyber risks

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July 2016

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: FCA/PRA developments EIOPA led consultation on delegated acts for IDD Various publications from the IAIS, including consultation papers

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2016

The Hogan Lovells’ Corporate Insurance Newsletter for May has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: FCA/PRA and Lloyd’s developments Cybersecurity Directive EIOPA led insurance sector stress test