On 16 December 2022, the European Banking Authority (EBA) published its closure report of COVID-19 measures.
The closure report provides an overview of the policy measures taken during the COVID-19 pandemic, their state of play and the path out of policy support. The closure report is accompanied by an update to the
At a Norton Rose Fulbright-hosted event, Executive Director of insurance at the Prudential Regulation Authority (PRA), Charlotte Gerken, set out her priorities for the insurance sector in 2022. The speech expands upon the priorities set out in the ‘Dear CEO’ letter sent to insurance companies on 12 January 2022. The speech
The Financial Conduct Authority (FCA) has published a ‘policy checker’ and a set of frequently asked questions in order to help policyholders understand whether they have valid claims under their business interruption policies in the light of the Covid-19 pandemic.
The checker follows the Supreme Court decision in FCA v Arch Insurance (UK)
On 7 January 2021, the FCA published the results of its COVID-19 financial resilience survey data.
The surveys were sent to solo-regulated firms to inform the FCA of the impact of the pandemic on firms’ financial resilience. The surveys did not cover the 1,500 largest firms in the UK financial sector who are regulated by
In its latest regulatory round-up, the Financial Conduct Authority (FCA) has reminded insurers offering professional indemnity insurance of its Handbook requirements.
Insurance firms applying pandemic exclusions are reminded of the minimum requirements in MIPRU 3.2 and should consider whether exclusions are consistent with product governance obligations to ensure that the policy is compatible with the
A ‘Dear CEO’ letter written by Christopher Woolard, interim chief executive of the Financial Conduct Authority (FCA), has been sent to firms writing business interruption insurance cover following the judgment handed down in The Financial Conduct Authority v Arch and Others (Test Cast). Mr Woolard thanks the firms who participated in the Test Case for
Regulatory authorities in the EU and the UK have delayed certain regulatory reporting requirements so that firms can concentrate on supporting their customers during this difficult period. The announcements regarding reporting requirements have come at different times and the purpose of this new briefing note is to consolidate the PRA, FCA and EU announcements in
On 31 March 2020, the FCA published a Dear CEO letter to firms providing services to retail investors about coronavirus.
The Dear CEO letter covers:
On 31 March 2020, the PRA issued a statement welcoming the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020, and to cancel payments of any outstanding 2019 dividends in response to a request from it. The PRA also expects banks not
On 1 April 2020, the Financial Action Task Force (FATF) published a statement in response to the ongoing COVID-19 pandemic. The statement touched on a number of areas of which the key ones for the financial services industry were: