Insurance in Financial Services UK

The EU’s FinTech Action Plan: charting the way forward


The European Commission’s FinTech Action Plan, published today, represents a significant milestone in the development of EU financial services (FS) policy. It gives the strongest indication yet that technological innovation and disruption will be among the main drivers of the EU’s future FS policy agenda, particularly after the next Commission takes office in 2019.

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Posted on 08/03/2018 | 0 Comments

Insurance Capital Standard (ICS) – was any meaningful progress made in Kuala Lumpur?


In our recent blog, we took stock of efforts to establish a global capital standard for insurers ahead of the IAIS annual conference in Kuala Lumpur1 . This follow-up assesses what, if any, progress was in the event made on the ICS against the three key issues that we highlighted in our last blog as being the most important for the IAIS to resolve, and hence “assays” of the degree of progress achieved, namely:

  • a single valuation basis;
  • the incorporation of internal models into the ICS framework; and
  • a satisfactory approach to the MOCE (the margin over current estimate, equivalent to the risk margin in Solvency II).

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Posted on 20/12/2017 | 0 Comments

Five things to remember about Basel III


After more than a year of stalled negotiations, the Basel Committee on Banking Supervision (BCBS) announced an agreement on the remaining elements of the Basel III post-crisis bank capital framework. Striking a deal on this package of reforms (often called ‘Basel IV’) is a significant milestone in the post-crisis regulatory journey and a huge achievement for the BCBS.

The announced framework bridges a gap – particularly between American and European regulators – on the extent to which banks can use internal models to determine their capital requirements.

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Posted on 08/12/2017 | 0 Comments

A question of appetite and tolerance – Building Society risk management

Building Society risk management

This blog is part of a series of insights on Building Society risk management.

A key ongoing consideration for the Senior Management of Building Societies is risk appetite and tolerance, and the Society's adherence to it. The question of risk appetite and tolerance has been on the agenda of Board's and regulators for some time now; however, the level of focus given to this in recent years has now increased to the point where no Board or Board sub-committee meeting fails to touch on this in some way.

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Posted on 01/12/2017 | 0 Comments

An introduction to the FCA’s focus on vulnerable consumers

FCA’s focus on vulnerable Consumers

The importance the FCA places on protecting vulnerable consumers has become increasingly clear with the recent publication of its Financial Lives and draft FCA Mission: Our Future Approach to Consumers documents. Throughout these documents, as well as in its Business Plan and Mission Statement (both published in April) the FCA emphasises its clear operational commitment to prioritising the needs of the most vulnerable and least resilient consumers.

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Posted on 22/11/2017 | 0 Comments

Extension of the Senior Managers and Certification Regime : Proposed changes for insurers

Extension of the Senior Managers and Certification Regime  Proposed changes for insurers

Insurers set to be captured by enhanced Senior Managers and Certification regime from 2018.

In July, the PRA and FCA released their highly anticipated consultation papers (FCA CP17/26 and PRA CP14/17) setting out their proposals to extend the Senior Managers and Certification regime (“SM&CR”) to insurers from 2018. In this blog, we explore the most significant changes affecting insurers and steps that firms can take to prepare for the new regime.

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Posted on 20/11/2017 | 0 Comments

PSD2 | Are firms ready?


Two months from today, on 13 January, the revised Payment Services Directive (PSD2)1 will come into effect across the European Union (EU). To understand how prepared the industry is for this deadline Deloitte surveyed over 70 firms across 18 European countries, between August and September, to gather their views.

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Posted on 13/11/2017 | 0 Comments

Insurance Capital Standard (ICS) – Where do we stand on the eve of the IAIS annual conference?

ICS Graph

On 2nd November, insurance supervisors from across the world will converge on Kuala Lumpur for an annual conference that will take stock of progress in establishing a global capital standard for insurers dubbed the ‘Insurance Capital Standard Version 1.0’. On the eve of this conference, this blog analyses progress in the discussions to date and the key issues that remain outstanding and could yet hinder an agreement.1

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Posted on 18/10/2017 | 0 Comments

A New European System of Financial Supervision: European Commission proposes changes to the powers, governance and funding of the ESAs


The European Commission has proposed a legislative package that is intended to increase substantially the powers of the three European Supervisory Authorities (ESAs)1 and to replace the funding currently provided by national competent authorities (NCAs) with direct funding by firms.

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Posted on 09/10/2017 | 0 Comments

The Building Society Risk Function – How effective is yours?

Risk management challenge

This blog is part of a series of insights on Building Society risk management.

One of the key focus areas of regulatory reviews performed over the last 18 months has been the effectiveness of the Risk Function. As part of the feedback issued to Building Societies following their supervisory review and evaluation process, the Prudential Regulation Authority (‘PRA’) has emphasised that it considers an effective Risk Function to be crucial to the future well-being of societies and the successful delivery of their business strategies.

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Posted on 02/10/2017 | 0 Comments