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Tag Archives: HM Treasury

Posted in Regulatory and legislative updates, UK

UK: HM Treasury announces date on which SM&CR will apply to insurers

On 29 January 2018, HM Treasury announced that the Senior Managers & Certification Regime (the “SM&CR”) will apply to insurers from 10 December 2018. This means that insurers have less than a year to ensure compliance with the new requirements. The SM&CR builds on the existing accountability requirements applying to insurers, namely the Solvency II

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 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: Financial Sanctions Reform

In the Summer Budget 2015 the UK government announced plans to reform the financial sanctions regime, including the creation of a new financial sanctions regulator, the Office of Financial Sanctions Implementation (“OFSI”). The rationale behind these proposals was to ensure that financial sanctions are properly enforced and to create better awareness and understanding by businesses

Posted in Regulatory and legislative updates, UK

UK: Insurance Linked Securities – One step closer to creating a London hub

UK Government publishes consultation paper: March 2016 Introduction On 1 March 2016, the UK government published a consultation paper announcing proposals to reform UK law as it applies to insurance linked securities. This is part of a strategy to allow London to retain its status as “a specialist insurance hub” and to participate more actively

Posted in Regulatory and legislative updates, UK

Senior Insurance Managers Regime: further changes announced for insurers

On 15 October, 2015 HM Treasury published proposals to extend its new Senior Managers and Certification Regime (SM&CR) to all financial services firms in the UK.  To some extent, this announcement is of less significance for insurers as they are already preparing for the implementation of Solvency II’s governance requirements and the new Senior Insurance