Laura Hodgson (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow, Insurance law tomorrow

Latest Articles

FCA publishes Sector Views

February 19, 2020

On 18 February 2020, the Financial Conduct Authority (FCA) published its annual Sector Views publication which considers the risks and potential harms to customers across financial services markets. The Sector Views publication includes a summary of the risks likely to impact the general insurance and protection markets. Each sector view describes actual or potential harms that might impact consumers or market effectiveness.…

Financial services: Regulation tomorrow

FCA publishes policy statement on travel insurance sign-posting for people with pre-existing medical conditions

By Laura Hodgson (UK)

February 11, 2020

On 5 February 2020, the Financial Conduct Authority (FCA) published a policy statement on Signposting to travel insurance for consumers with medical conditions (PS20/7). The new FCA Handbook rules will require firms to include details of a directory of firms that will cover people with pre-existing medical conditions within 30 days of the directory going live (expected to be in Summer 2020). The other requirements in PS20/7 need to be implemented by 5 November 2020.…

Financial services: Regulation tomorrow

FCA publish “Dear Board of Directors” letter to firms in the Personal & Commercial Lines Insurer portfolio regarding identifying and remedying harms

By Laura Hodgson (UK)

January 14, 2020

On January 8, 2020 the Financial Conduct Authority (FCA) published a “Dear Board of Directors” letter addressing firms in the Personal & Commercial Lines Insurer (PL&CL) portfolio in order to address identifying and remedying harms. The FCA’s view is that there are significant risks of harm that both market and individual firms need to address in the General Insurance (GI) sector overall. As a result, the FCA require PL&CL firms to deliver a step change…

Financial services: Regulation tomorrow

FCA Dear CEO letter regarding non-financial misconduct in wholesale GI firms

By Laura Hodgson (UK)

January 7, 2020

On January 6, 2020 the Financial Conduct Authority (FCA) published a Dear CEO letter regarding non-financial misconduct in the wholesale general insurance (GI) sector as a result of recent publicised incidents.…

Financial services: Regulation tomorrow

FCA publishes finalised guidance on the general insurance distribution chain for manufacturers and distributors

By Laura Hodgson (UK)

November 20, 2019

On 19 November 2019, the Financial Conduct Authority (FCA) published finalised guidance on The GI distribution chain: Guidance for insurance product manufacturers and distributors (FG19/5). The guidance follows several years’ work by the FCA on product value in general insurance, including the publication of a report following a thematic review in April 2019 (General insurance distribution chain (TR19/2) – see our blog post). Proposed non-handbook guidance on the expectations of the regulator in respect of…

Financial services: Regulation tomorrow

PRA publishes statement on French regulator’s response to EIOPA Brexit Recommendations

By Laura Hodgson (UK) & Bénédicte Denis (FR)

November 14, 2019

On 12 November 2019, the Prudential Regulation Authority (PRA) published a response on its website to a statement from the Autorité de contrôle et de resolution (ACPR) in response to the EIOPA Recommendations for the insurance sector in the light of the UK withdrawal from the European Union. The responses of EU member states to the EIOPA Recommendations are available through the EIOPA website. The ACPR response was published on 8 November 2019. ACPR…

Financial services: Regulation tomorrow

PRA sends ‘Dear CEO’ letter to general insurance firms setting out current areas of focus

By Laura Hodgson (UK)

November 11, 2019

On 5th November, acting director of insurance supervision at the Prudential Regulation Authority (PRA), Gareth Truran, sent a letter to the Chief Executives of general insurance firms. The letter sets out the PRA’s priorities for the general insurance sector in the coming months. The letter focuses on: Reserving adequacy, governance and controls – particularly in the light of emerging risk developments including in some US casualty lines such as financial and professional lines, medical malpractice…

Financial services: Regulation tomorrow

EIOPA consults on technical advice for the 2020 review of Solvency II

By Laura Hodgson (UK)

October 17, 2019

On 15 October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a draft opinion on technical advice for the 2020 review of the Solvency II Directive (2009/138/EC). Responses to the draft technical advice are invited by 15 January 2020 to enable EIOPA to publish a final opinion by June 2020. The European Commission published a call for technical advice on the Directive from EIOPA in February 2019.…

Financial services: Regulation tomorrow

FCA publishes interim report on general insurance pricing practices as part of its market study

By Laura Hodgson (UK)

October 8, 2019

The Financial Conduct Authority (FCA) has published an interim report on its market study into General insurance pricing practices (MS18/1.2). A market study was launched in October 2018 by the FCA to understand whether pricing practices in home and motor insurance support effective competition and lead to good consumer outcomes. The market study followed a thematic review that had identified that consumers who stayed with the same insurance provider for a number of years on…

Financial services: Regulation tomorrow

PRA publishes PS21/19 responses to CP13/19 ‘Occasional Consultation Paper’ with updated Supervisory Statements

By Laura Hodgson (UK)

October 3, 2019

The Prudential Regulation Authority (PRA) has published a Policy Statement (PS) to provide feedback to responses to Consultation Paper (CP) 13/19 ‘Occasional Consultation Paper’. In PS21/19 the PRA sets out its final rules and guidance on issues consulted on in the following chapters of CP13/19: Chapter 2: Solvency II: the quality of capital instruments. Chapter 3: Solvency II: minor updates to supervisory statements. Chapter 4: Regulatory reporting: discontinuation of FSA006. Chapter 5: National specific templates.…

Laura Hodgson (UK)

FCA publishes Sector Views

FCA publishes policy statement on travel insurance sign-posting for people with pre-existing medical conditions

FCA publish “Dear Board of Directors” letter to firms in the Personal & Commercial Lines Insurer portfolio regarding identifying and remedying harms

FCA Dear CEO letter regarding non-financial misconduct in wholesale GI firms

FCA publishes finalised guidance on the general insurance distribution chain for manufacturers and distributors

PRA publishes statement on French regulator’s response to EIOPA Brexit Recommendations

PRA sends ‘Dear CEO’ letter to general insurance firms setting out current areas of focus

EIOPA consults on technical advice for the 2020 review of Solvency II

FCA publishes interim report on general insurance pricing practices as part of its market study

PRA publishes PS21/19 responses to CP13/19 ‘Occasional Consultation Paper’ with updated Supervisory Statements

Stay Connected

Company

Support

New to the Network