Insight and Intelligence on the London & International Insurance Markets 22 Oct 2017

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Challenges seen as UK regulators expand accountability rules

  • Laura Board 1 August 2017
  • Insurers and intermediaries face upheaval as the UK's financial regulators prepare to roll out conduct and accountability rules originally devised for bankers in the aftermath of the financial crisis.

    The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) last week launched coordinated consultations about the introduction of the Senior Managers and Certification Regime (SM&CR) for most financial services companies under their auspices.

    The SM&CR will impose significant new requirements on FCA-regulated companies and replaces the existing Approved Persons Regime...

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