UK Insurance: General (7 November 2016)

OAC Digest
Financial crime, HM Treasury, PRA / Bank of England

07 November 2016

Selected recent UK news items of more general interest:

CPI is forecast to rise to around 2¾% in 2018, fall back gradually over 2019 to reach 2½%, then return to close to 2% over the following year according to the November 2016 Inflation Report. The Bank of England also announced no change to Bank Rate (0.25%) and continuation of asset purchase programmes.

On 2 November, HMT published the revised advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. 

On 1 November, the UK government published the National Cyber Security Strategy 2016-2021 setting out "the government's plan to make Britain secure and resilient in cyberspace". The government notes a role for insurers to "exert influence on the whole economy to improve their cyber security."

On 31 October Work, the DWP and Department of Health jointly published "Improving Lives", a health and disability green paper. They are seeking views on a number of issues including how to encourage better provision by the insurance industry, and take-up by employers, of income protection insurance. The consultation closes on 17 February 2017. 

David Gray

For more information
David Gray
Consultant Actuary

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26 June 2017

UK Insurance: FCA (26 June 2017)

Selected recent news from the UK's prudential regulator: Appointed Representatives follow up, call for input on access to insurance, cyber security guide and money laundering developments.