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UK insurance coverage regulation – wanting ahead to 2022

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After a yr of upheaval for the UK insurance coverage sector in 2021, there appears little prospect of 2022 being any quieter.

From a regulatory perspective, 2021 started with the top of the Brexit transition interval.  And whereas companies working in UK insurance coverage markets have been insulated from the total impression of Brexit throughout 2021, that is set to vary in 2022.  Solvency II reforms can now even be launched within the UK with out regard to the constraints of EU membership.

In the meantime, the FCA has launched into an bold transformation programme, placing client safety on the coronary heart of its concentrate on changing into a “extra assertive, modern, and adaptable” regulator.  The introduction of a brand new Client Responsibility is predicted to convey a few step change in how monetary sector companies behave.  Different latest developments carrying over into 2022 embody proposals to enhance regulated companies’ oversight of Appointed Representatives.

ESG stays, after all, excessive on the agenda of companies and regulators worldwide, with rising engagement at Board and senior government degree on a variety of points.  Notably, COP26 introduced local weather become sharp focus.  The PRA and the FCA are additionally seeking to “speed up the tempo of significant change” in variety and inclusion within the monetary providers sector.  Additional exercise will be anticipated in relation to every of “E”, “S” and “G” throughout 2022.

Different present areas of focus are the federal government’s post-Brexit evaluate of the regulatory framework for monetary providers and the operational resilience of companies, together with the challenges introduced by Covid-19.

Our briefing, which will be discovered right here, appears to be like at a number of the key regulatory developments which have taken place in 2021 and considers the outlook for 2022.

Geoffrey Maddock

Alison Matthews

Grant Murtagh

Barnaby Hinnigan

Hywel Jenkins

Benedicte Perowne

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