Insurance Law360 UK provides breaking news and analysis on the insurance industry. Coverage includes U.K. and European Union regulation, legislation, enforcement, and litigation involving insurance companies, underwriters, reinsurers, and brokers.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
Britain’s water industry watchdog has said it is powerless to regulate the retirement funds of industry monopolies after a senior lawmaker accused two utilities firms of putting shareholders before their own pension scheme members.
The financial watchdog for the G-20 group of countries unveiled a new toolkit on Friday that firms and regulators can use to combat misconduct that has damaged public trust in financial services.
U.K. nonlife insurers will find their reporting duties are relaxed under Europe’s Solvency II directive through plans unveiled by the Prudential Regulation Authority on Friday as the watchdog attempts to soften the unpopular capital regime.
The U.K.’s Serious Fraud Office has announced a funding boost from the government that will help the watchdog to investigate major financial crime cases without having to rely on “blockbuster" funding.