The new UK regime for strengthening accountability in major financial services firms comes into force on 7 March 2016. In the context of (re)insurers, however, the requirements of the UK's new regulatory regime are combined with the governance requirements of the Solvency II Directive which come into force on 1 January 2016.
UK Solvency II firms will therefore be subject to a combined regulatory regime for senior individuals which comes into force in stages.
It appears, however, that they will only be subject to this regime for two years, as a new Bill (The Bank of England and Financial Services Bill 2015) was laid before the House of Lords on 14 October 2015. This Bill proposes to extend the regime that applies to banks and large investment firms to all regulated financial services firms, including insurers, from 2018.
In this half-hour video, Alexandria and Mark explain what is changing in 2016 and what (re)insurers should be doing to prepare for the changes.
|Date:||Published Monday 30 November 2015|
|CPD hours:||0.5 hours|