UK Insurance: FCA (30 January 2017)

OAC Digest
FCA, Non-Life

30 January 2017

Selected recent news from the UK's conduct regulator:

In his speech "Free trade in financial services and global regulatory standards: friends not rivals" of 26 January, the FCA's Chief Executive expressed support for "using global regulatory standards as the basis for market access around the world." He stated that these were his own thoughts and not the policy of the FCA or FPC. Andrew Bailey said he "would leave much of the regulation of financial conduct to be done at the national or regional level in the countries in which firms operate" and "would not subject smaller firms that choose not to trade across borders to the global standards." 

On 25 January the FCA published general insurance value measures data (including claims frequencies, acceptance rates and average pay-outs) for 38 insurers for the year ending 31 August 2016. The products covered are home insurance, home emergency, personal accident and key cover. The data has been reported by the financial press.

Parties dealing with the FCA may wish to note, as per the recent round-up, that the regulator has created a dedicated webpage for Life Insurers alongside Pension Providers on their website.

David Gray

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David Gray
Consultant Actuary

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