Selected recent news from the UK's conduct regulator:
Similarly to the PRA, the FCA propose a 12-month transitional provision whereby the calculations of fees and levies for both directive and non-directive insurers are based on the same tariff data used to calculate 2016/17 fees and levies i.e. firm’s financial year ending 2015 (with reserves on a Solvency I basis). Again, this is subject to two adjustments relating to Part VII transfers and firms in run-off.
On 7 September the FCA published videos from the event on Principals and their appointed representatives in the general insurance sector. The OAC Digest of 22 August flagged that the FCA deemed this was more widely applicable.
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