发帖
雷达卡
Author(s): Policy and Public Affairs
Published Date: 03 December 2014
Last Updated: 04 December 2014
As a result of two separate but related developments (Solvency II implementation and consequential changes to banking regulation) the two financial regulators - the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) - have published linked consultation papers setting out suggested changes to significant aspects of insurance regulation.
As the PRA states: "These proposed rules, along with the expectations set out in some draft supervisory statements, will set out the regulatory framework to ensure that those individuals who run insurers have clearly defined responsibilities and behave with integrity, honesty and skill".
This reflects the movement towards stronger individual responsibility which was a recommendation of the Banking Commission for the banking sector and the belief by the Commission and others that the existing approved persons regime was no longer 'fit for purpose' for the whole financial services regulated community. Both consultations close on 2nd February 2015.
The PRA consultation paper (CP26/14) sets out the PRA's proposals in relation to:
- further changes to the PRA's rules to implement the Solvency II Directive, notably the measures relating to governance and the fitness and propriety of relevant individuals;
- the scope of the PRA's proposed new Senior Insurance Managers Regime (SIMR) for insurers;
- the allocation of responsibilities to senior insurance managers; and
- the application of conduct standards to individuals performing key functions.
As well as seeking greater individual responsibility, the PRA also wants to be able to examine the assessment process used by firms to achieve this.
The FCA consultation paper (CP14/25) focuses on changes to the approved persons regime for Solvency II firms. The paper proposes changes to the approved persons regime for Solvency II firms to address:
- the FCA's role in reviewing firms' assessments of the fitness and propriety of certain important individuals within these firms;
- the provisions in the Financial Services (Banking Reform) Act 2013 that permit regulators to apply conduct rules to certain individuals in authorised firms; and
- the PRA's proposed reforms to the scope of its pre-approval regime.
For more information please view the attached article
-CII policy briefing New regulatory framework for insurance
-Consultation Paper CP26/14 Senior insurance managers regime: a new regulatory framework for individuals
-Consultation Paper CP14/25 Changes to the Approved Persons Regime for Solvency II firms
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