Insurance in Financial Services UK

PRA and FCA consult on measures designed to encourage and protect whistleblowers

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The PRA and FCA have published a joint consultation paper (CP) on a series of measures to formalise whistleblowing procedures in firms. The aim is to encourage employees to raise concerns and protect whistleblowers from victimisation. This initiative responds to the Parliamentary Commission on Banking Standards’ recommendation to put in place effective mechanisms to allow employees to raise concerns internally.

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Posted on 24/02/2015 | 0 Comments

UK regulators refine the scope of the Senior Managers Regime and clarify how the ‘Presumption of Responsibility’ will be applied

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The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have confirmed how the new Senior Managers Regime (SMR) and Senior Insurance Managers Regime (SIMR) will apply to Non-Executive Directors (NEDs) in banks and insurers respectively. This follows the responses received to the Consultation on Strengthening accountability in banking: a new regulatory framework for individuals –CP14/14 published in July 2014, which expressed concern about the proposed approach to NEDs under the SMR.

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Posted on 24/02/2015 | 0 Comments

Advisory & supplier frameworks

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This is the final entry in our series of three blogs which cover the topic of third party risk. In this article, we explore the design and implementation of frameworks which organisations are implementing in order to help them manage the third party risk. We highlight some of the stages and challenges of creating such a framework and the requirement to make it specific to your organisation in order for it to be successful.

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Posted on 5/02/2015 | 0 Comments

Software Asset Management | The costs of mismanaging software

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This is the second in a series of three blogs which covers the topic of third party risk. Last time we looked at performing contract compliance inspections of the third parties that you engage with. But what about your organisations compliance with its contractual obligations to third parties? In this blog we explore the area of Software Asset Management (SAM) in more detail, the benefits of good SAM and considerations when building an internal SAM capability.

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Posted on 29/01/2015 | 0 Comments

Financial Services | Third Party Risk

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Third party risk is currently a ‘hot topic’ within the Financial Services sector and senior executives across many organisations in the industry are having discussions to agree strategies, procedures and policies to mitigate the risks posed by third parties. This short blog is the first in a series of three which cover the topic of third party risk. In this first blog, we explore the use of contract compliance inspections in order to obtain assurance over third parties as well as generating significant financial recoveries.

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Posted on 23/01/2015 | 0 Comments

What will savers do with their new pension freedom?

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The Chancellor announced in the Budget that from April 2015 no-one will have to buy an annuity. This was a huge blow for the £14bn-a-year annuity industry, which has thrived on ‘forced’ annuitisation. Over 300,000 people retire each year with a defined contribution pension, most of whom are required to buy an annuity under current legislation. The equity’s market verdict on the announcement was dramatic: share prices of some life companies were down 40% on the day. In the first half of 2014 annuity sales have fallen by over 50%.

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Posted on 15/01/2015 | 0 Comments

A watershed year for regulation?

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2015 has the potential to be a turning point in terms of the post-crisis re-regulatory agenda, when the focus shifts from repairing balance sheets and reputations to the role of financial services in promoting jobs and growth.  And indeed from proposing new rules to implementing the multitude that has been agreed over that last few years. Deloitte’s EMEA Centre for Regulatory Strategy have identified what we believe to be the ten key areas of regulatory focus for financial markets in 2015.

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Posted on 15/12/2014 | 0 Comments

London Office Crane Survey: Gearing up for the next phase of construction

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We have recently launched the summer instalment of the Deloitte Real Estate London Office Crane Survey. This is our flagship report (released bi-annually) which has been monitoring office construction activity in Central London for almost twenty years. The level of construction is widely used as a measure of economic activity - counting the number of cranes / construction sites across Central London is a relatively easy and accurate way to benchmark London’s economic health.

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Posted on 18/06/2014 | 0 Comments

Striking the right balance on wholesale conduct risk

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Conduct risk is one of the biggest regulatory challenges for firms operating in wholesale insurance markets, especially the Lloyd’s and London market. That was the clear consensus from panellists and delegates attending the Insurance breakout session of Deloitte’s Conduct Risk Roadshow, which I had the pleasure of introducing on 4 April 2014.

In the interests of sharing the knowledge from the room, in this article I highlight a selection of the key points from our discussion, including insights from our panellists: Sean McGovern (Director of Risk Management and General Counsel at Lloyd’s of London), Carol Richmond (CRO at AON), David Hough (CEO at LIIBA) and Mark McIlquham (General Insurance Regulation Partner at Deloitte).

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Posted on 16/04/2014 | 0 Comments

Software Robotics – A Haven in a Perfect Virtual Storm?

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A perfect storm is in full swing in the Life and Pensions sector – and, gladly, I don’t mean this winter’s extreme weather.

This storm is virtual (literally), formed over the last couple of years by the regulator changing the rules of the game (RDR, Pension Reform), individuals increasingly expecting new ways of engaging with financial institutions and technology advancements making it all possible. The timing is perfect as the UK economy gathers momentum, putting growth firmly on the corporate agenda.

Educated over a number of years by the banks to do their banking online, consumers in the UK have seen further empowerment in the last couple of years. The range of financial interactions online is growing, with platforms supporting do-it-yourself and advised savings and investments; and offering online services almost certainly means via smartphone and tablet as well as a PC.

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Posted on 11/04/2014 | 0 Comments