Last month the Prudential Regulation Authority (PRA) published a Final Notice imposing a financial penalty of £10,625,000 on U K Insurance Limited (UKI) in connection with a “double-counting” error which led to a miscalculation of UKI’s Solvency II balance sheet during 2023 and 2024 and consequently an overstating of its solvency in its reporting to the PRA.
For the key takeaways from this case, as well as the key findings, please see our latest Notice in a Nutshell briefing here. All of our publications in this series can also be found here.