Corporate insurance and financial services
Law passed to regulate Significant Investments in Singapore Entities
The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.
Read moreConsumer duty and claims handling – beware of sludge practices
The Consumer Duty is a new regulatory framework developed by the Financial Conduct Authority (FCA) aimed at creating a higher standard of consumer protection in the retail markets. The FCA expects the Consumer Duty to be a significant shift for the market in terms of its expectations on firms and in this blog we consider this shift in the context of insurance claims handling.
Read morePRA and FCA joint forum publishes guidance to all firms on climate-related financial risks
On 29 June 2020, the Climate Financial Risk Forum (CFRF) published a guide providing practical recommendations to firms of all sizes on the financial risks associated with climate change.
Read moreFCA issues Final Report in the Wholesale Insurance Broker Market Study
Today, the FCA released its Final Report in its Wholesale Insurance Broker Market Study. The study, which was launched in 2017, considered competition, transparency and conflicts concerns arising from changes in the market, including an increased use of broker facilities.
Read moreThe W&I tool in M&A
Neil Brown and Joy Tickler highlight the increasing use of warranty and indemnity insurance by M&A negotiators. Its use has rapidly increased over the past few years, becoming a strategic tool in the toolbox of any M&A negotiator. We set out here the reasons behind this ever-increasing trend, together with some of our observations on how W&I has been effectively deployed.
Read moreScope of duty narrows for accountants
Accountants not liable for transaction losses despite negligent accounting treatment
Read morePart VII insurance business transfers – FCA's finalised guidance
The FCA published finalised guidance on its approach to reviewing insurance business transfer schemes under Part VII of the Financial Services and Markets Act 2000.
Read moreA step closer
Matthew Griffith and Neil Brown explore Lloyd's SPAs as an alternative for new market entrants to standalone syndicate formations and M&A
Read moreThe FCA turns its attention to the wholesale insurance sector
After indicating its intention to conduct a wholesale insurance market study in its 2017/18 Business Plan, the FCA has now announced the launch of its wholesale insurance broker market study and set out its terms of reference. This is an important development for brokers and insurers operating in this sector, and also for their clients.
Read moreSchemes and offers where drags don't work
James Mee and David Wallis detail the statutory solutions available when drag-along rights are either ineffective or non-existent for the sale of private companies with a large employee shareholder base
Read moreSpecial relationship
David Wallis and Peter Sugden outline what commercial teams need to know about US/UK deals.
Read moreSigned, sealed, delivered
Matthew Griffith shares some strategies for delivering successful (re)insurance M&A – before and after the ink has dried
Read moreWhat a drag
James Mee and David Wallis outline some of the issues involved in selling companies with a large employee shareholder base
Read moreNew corporate tax evasion offences – the clock is ticking!
Financial services firms should ensure they have in place appropriate policies and procedures as they prepare for the new corporate tax evasion offences.
Read moreSM&CR: what should the insurance sector be doing to prepare?
On 26 July 2017, the FCA and PRA published three consultation papers outlining their proposals for the extension of the senior managers and certification regime (SM&CR) to all authorised firms.
Read morePRA consultation to promote diversity on boards of large insurers
The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.
Read moreThe Automated and Electronic Vehicles Bill
The Automated and Electronic Vehicles Bill was announced during the Queen's Speech and is intended to put the UK at the forefront of the driverless car market, estimated to be worth £28bn by 2035.
Read moreContinued FCA focus on appointed representatives – more regulatory interventions in the London Market
FCA announce follow up supervisory work and regulatory interventions on insurance intermediaries with networks of appointed representatives (ARs).
Read moreImpact of the EU’s distribution regime remains unclear
Intermediary market heading for change with Insurance Distribution Directive’s introduction
Read morePart VII transfers – through the FCA's microscope
Draft FCA guidance sheds light on its approach to Part VII insurance business transfers and aims to reduce the time and cost required to undertake a transfer.
Read moreFCA publish consultation paper on the Insurance Distribution Directive
The FCA has published the first of two consultation papers setting out its proposals for transposing the Insurance Distribution Directive (IDD) into English law.
Read moreThe Insurance Block Exemption: The End of an Era
31 March 2017 sees the expiry of the Insurance Block Exemption
Read moreInsurance Companies and the Modern Slavery Act
As the new financial year is soon to arrive, companies will soon have to file their Slavery and Human Trafficking (SHT) statements. RPC has previously written about their general applicability and now will examine its impact on insurance companies.
Read more"Refine but not replace Solvency II" declares the ABI
In its response to the Select Committee inquiry into the impact of Solvency II (as reported by us in September), the Association of British Insurers (ABI) has called on the Government to refine and not replace Solvency II. The response also claims that the implementation of the new regulations is harming customers, distorting markets and potentially unnecessarily affecting UK firms' ability to compete in the EU and globally.
Read moreApproaches to supervising the conduct of intermediaries, IAIS paper
The International Association of Insurance Supervisors (IAIS) has published an application paper on approaches to supervising the conduct of intermediaries.
Read moreInsurance Europe argues draft delegated acts must be consistent with IDD
Insurance Europe has expressed concern that the level 2 delegated acts for the Insurance Distribution Directive do not respect the original agreed framework in the legislative text with significant implications including a potential de facto ban on commission.
Read moreFCA consults on the regulation of GCs
The FCA has outlined in a discussion paper its views about the extent to which GCs should come within its regulatory remit.
Read moreEnforcing the duty of responsibility against senior managers: the Regulators' view
The FCA and PRA have issued consultations giving guidance on how they propose to enforce the duty of responsibility against senior managers in banks – and the rest of financial services from 2018.
Read moreFCA and PRA set out wide-ranging rules and proposals for the SIMR and SMCR
Falling like autumn leaves, the FCA and PRA have published a number of papers relating to the senior insurance managers regime as well as the senior managers and certification regime (which will apply to insurers from 2018).
Read moreFCA plans to apply conduct rules to NEDs in banks and insurers
The FCA proposes to extend the application of the Code of Conduct sourcebook to standard NEDs.
Read moreFCA avoids full market study but what next for Big Data?
This update considers the FCA's feedback statement on the use of "Big Data" in the retail general insurance sector.
Read moreABI releases checklist on effective counter fraud practices
Earlier this month, the ABI released a checklist on effective counter fraud practices. The checklist is designed to assist insurers in putting in place strong fraud defences. It is particularly aimed at smaller insurers with limited counter fraud functions.
Read moreSelect Committee Inquiry into the impact of Solvency II
Last week, the House of Commons Treasury Select Committee announced on the parliament website that it is holding an inquiry into the new regime for insurance regulation under the Solvency II Directive (2009/138/EC).
Read moreFCA finds shortcomings in principal firms' control and oversight of their ARs
The Financial Conduct Authority's (FCA) report on its thematic review of principal firms and their appointed representatives (ARs) has identified significant shortcomings in their control and oversight.
Read morePart VII transfers: Court protects policyholder interests by modifying guarantees
High Court uses its powers to ensure third party guarantees continue to apply in the same way following Part VII transfer
Read moreBrexit - a legal analysis: Competition
The implications for competition law and practice will very much depend on what form of Brexit the UK will end up negotiating. At one end of the spectrum the UK could join the European Free Trade Association and the European Economic Area, an avenue that is likely to generate the fewest changes. If the UK were to seek a total exit, falling back on World Trade Organisation (“WTO”) rules to continue trading with the EU, the potential changes would be more wide-ranging as outlined below.
Read morePRA gold plates EU audit committee requirements for significant insurers
Is your audit committee PRA compliant? New PRA rules out this month require designated "significant" insurers to fill their audit committees solely with independent non-executive directors.
Read more"New" Third Parties (Rights Against Insurers) Act and what corporates need to know
The Third Parties (Rights Against Insurers) Act 2010 and the late payment provisions in the Insurance Act 2015 changes are set out
Read moreInsurance claims settlement services not VAT exempt
The European Court of Justice (ECJ) has held in a recent case that claim settlement services provided on behalf of an insurance company by a Polish service provider were not exempt from VAT (Minister Finansów v Aspiro SA (Case C-40/15)).
Read moreInsurance Block Exemption: does EC report signal beginning of the end?
With just over a year to go before the current Insurance Block Exemption is due to expire (its expiry date is 31 March 2017), the European Commission has just published its Report on the Block Exemption's application.
Read moreTax treatment of insurance SPVs – a cure for all ILS?
On 1 March 2016 the UK government published a consultation document on a new regulatory, corporate and tax framework for insurance linked securities (ILS) business.
Read moreSolvency II: concerns raised by UK Treasury and Bank of England
In only its second month after implementation, the effects of Solvency II have already been called into question by the UK Treasury and the Bank of England, due to its potential impact on long-term investment and the competitiveness of the EEA insurers.
Read moreSelling, buying or investing: five practical tips for insurance broker M&A
People who are well prepared and able to act quickly tend to do better in a buoyant M&A market and, with some sizeable recent transactions, continued interest from private equity, ongoing consolidation and some of the larger broking groups remaining interested at least in strategic plays, insurance broker M&A is likely to be just such a market in 2016.
Read moreEIOPA recommendations to mobile phone insurance
The European Insurance and Occupational Pensions Authority's (EIOPA) recently published report on Consumer Protection Issues arising from the sale of Mobile Phone Insurance (MPI) makes a number of recommendations to address the gaps EIOPA found to exist between consumer expectations and European insurers' MPI products.
Read moreHMT extends radical changes to Senior Managers and Certification Regime
The Senior Managers and Certification Regime (SM&CR) along with the Senior Insurance Managers Regime (SIMR) were designed to improve personal responsibility within banks and insurers.
Read moreRisky business? VAT exemption limits for would-be insurance intermediaries
The latest case to consider the extent of the VAT exemption for "insurance intermediary" services has again highlighted the limits of the exemption.
Read moreNew FCA handbook and FS register: Welcome to 21st Century
The FCA has updated and consolidated its Handbook and FS register.
Read moreSeptember 2015- New GAP Insurance Rules out
On 1 September, new rules on GAP insurance come into force.
Read moreBroker M&A – indemnity revisited
Last year, we reported on a High Court decision on the proper interpretation of an indemnity in a share sale agreement relating to an insurance broker.
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