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 weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.
The European Central Bank published a draft regulation on Wednesday on statistical reporting requirements for pension funds in a bid to increase transparency and improve data comparability.
Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.
The European Union’s top insurance and pensions regulator said on Wednesday that it wants to simplify the way in which national authorities report data from their occupational pensions sectors, in an effort to strengthen oversight of the industry across the region.
British financial regulators set out plans on Wednesday to broaden rules holding senior managers at banks and insurers accountable for misconduct inside their firms to encompass other financial services, including asset managers and brokers.