UK Insurance: General (26 September 2016)

OAC Digest
HM Treasury, PRA / Bank of England

26 September 2016

Selected recent UK news items of more general interest:

On 23 September, the Bank of England launched a new website - KnowledgeBank - "To help you learn more about what we do and how the economy works".

The "United Kingdom faces a challenging period of uncertainty and adjustment" (in relation to both UK specific risks and the global economy) according to the BoE's Financial Policy Committee. In their news release of 22 September they also state: "Irrespective of the particular form of the United Kingdom’s future relationship with the EU, and consistent with its statutory responsibility, the FPC will remain committed to the implementation of robust prudential standards in the UK financial system. This will require a level of resilience to be maintained that is at least as great as that currently planned, which itself exceeds that required by international baseline standards."  

Whilst much of the release refers to the banking system, this may be noteworthy in respect of the ongoing inquiry into Solvency II.

On 20 September, HMT published a consultation on amending the definition of financial advice by "changing the wording of the Regulated Activities Order (RAO) to reflect the text set out in MiFID". 

David Gray

For more information
David Gray
Consultant Actuary

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