Insurers can a play a leading role in the shift to a green economy, according to Association of British Insurers director of regulation Charlotte Clark.
The Financial Conduct Authority has said consumer protection is its top regulatory priority in a post-Covid world. Other areas of focus include setting higher professional standards and promoting competition. FCA director of insurance and conduct specialists Matt Brevis said today (21 April) that the regulator is
<h2><span style="font-size: small;">Highlights</span></h2>
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<li><span style="font-size: small;">Consumer credit remains a key priority for the FCA as the consequences of the pandemic for consumers continue to unfold</span></li>
<li><span style="font-size: small;">We are increasing our focus on consumer outcomes and needs, particularly for those in vulnerable circumstances; and bringing to bear the FCA’s new, more innovative, more assertive and more adaptive approach</span></li>
<li><span style="font-size: small;">We are consulting on a new Consumer Duty and working on new regulation for buy-now-pay-later products; we’re also focusing on support for borrowers in financial difficulty and people who use high-cost credit products</span></li>
<li><span style="font-size:
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Bank Of England Rules Out Big Capital Reduction For Insurers After Brexit
The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be part of the answer to meeting a 1.7 billion pound bill for COVID19 claims.
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LONDON: The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a 1.7 billion pound bill for COVID-19 claims.
Britain is reviewing the “Solvency II” rules for firms like Aviva, RSA and Lloyd’s of London insurance market that it inherited from the European Union amid calls from insurers and lawmakers for changes to keep the sector competitive.