UK Insurance: General (31 October 2016)

OAC Digest
HM Treasury, Investments

31 October 2016

Selected recent UK news items of more general interest:

On 27 October, HMRC and HMT published draft legislation amending the Individual Savings Account (ISA) Regulations to establish the Lifetime ISA.

On 26 October, it was announced that the Work and Pensions Committee will hold a session in January 2017 looking at the arguments for and against introducing a citizen's income (also known as universal basic income).

On 25 October, HMT set out the policy design and parameters of the Help to Save scheme (a cash savings account aimed at people on low incomes).

On 19 October, the FRC published the transcript from their recent annual conference, Culture to Capital: Aligning Corporate Behaviour with Long-Term Performance. This includes a speech from Mark Austen, the Chairman of LV=.

On 18 October, the FRC published a Compendium of illustrative auditor’s reports on financial statements for periods commencing on or after 17 June 2016. The FRC has also published on its website the Description of the auditor’s responsibilities for the audit of the financial statements. The new rules for statutory audits for “public interest entities” including Solvency II insurers apply for financial years commencing on or after 17 June 2016 and were covered in OAC's article in June 2016.

On 18 October, the government announced it has decided not to proceed with plans to introduce a secondary annuities market.

Latest ONS statistics:

  • Pay for employees in Great Britain increased by 2.3% both including and excluding bonuses.
  • Prices up 1.0% (up from 0.6%) / 2.0% (up from 1.8%) as measured by CPI/RPI.
David Gray

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David Gray
Consultant Actuary

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