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Building Strong And Simple: The First Step - Speech By Victoria Saporta, Given At The Bank Of England Webinar On PRA Policymaking And The Strong And Simple Discussion Paper


Building Strong And Simple: The First Step - Speech By Victoria Saporta, Given At The Bank Of England Webinar On PRA Policymaking And The Strong And Simple Discussion Paper
Date
UK is able to take a new approach to regulating banking and insurance services post-Brexit.
Vicky Saporta sets out a new prudential regime that is robust enough to safeguard the stability of the UK’s financial system. She describes our approach to international markets as open, yet safe.
Then she talks about our ‘strong and simple’ prudential framework for small, non-systemic banks and building societies that are trying to grow. ....

United Kingdom , Sam Woods , Sarah Breeden , Basel Committee , Framework Review , Mansion House , Discussion Paper , Supervisory Statement , ஒன்றுபட்டது கிஂக்டம் , சாம் வூட்ஸ் , சாரா இனப்பெருக்கம் , பேசல் குழு , கட்டமைப்பு விமர்சனம் , மாளிகை வீடு , கலந்துரையாடல் காகிதம் , மேற்பார்வை அறிக்கை ,

Developments In The PRA's Supervision Of Annuity Providers - Speech By Charlotte Gerken, Bank Of England, Executive Director, Insurance, Given At The 18th Conference On Bulk Annuities


 
Charlotte Gerken talks about the supervision of annuity firms in the UK. This work is done by our Prudential Regulation Authority.
She examines the matching adjustment (MA). In particular, the calibration of the fundamental spread and the application process for MA.
She says annuity firms will continue to get significant supervisory challenge from the PRA.
Speech
Thank you to Westminster and City for inviting me to speak at your bulk purchase annuities conference.
At the time the 2020 conference was scheduled to take place, we were all grappling with the early impacts of the COVID 19 pandemic on our work, our lives and loved ones. In the months since, life insurers’ staff have worked hard and in challenging circumstances to serve their customers in very difficult times. ....

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Key Regulatory Topics: Weekly Update April 2021 | Allen & Overy LLP


FCA Q1 2021 financial promotions quarterly data
On 6 April, the FCA published its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021. The FCA reviewed 441 financial promotions identified through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or social media promotions. 47% of financial promotions reviewed related to retail lending, 26% to retail investments, and 18% to retail banking.
Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021 ....

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Key Regulatory Topics: Weekly Update 19 - 25 March 2021 | Allen & Overy LLP


Brexit
HoL EU Services Sub-Committee report on trade in services
On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on equivalence, mean that the sector is still in a period of uncertainty. The UK’s exit from the passporting regime has led to the movement of some activity to the EU and firms facing the challenges involved in navigating different market access requirements in each Member State. The Committee is concerned that over time this may lead to a big shift of people and assets out of the UK. T ....

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