As an essential element of the world of financial services, insurance companies are subject to strict regulatory governance in order to ensure their continuity and limit the risk of a major failure having a systemic impact on the system. In 2010 the UK regulatory landscape was changed with the implementation of the ‘twin peaks’ of governance by the Bank of England and the UK Treasury. Today the regulatory responsibilities are split between the FCA, PRA and the FPC.
Key learning objectives:
What are the ‘twin peaks’ of regulation in financial services?
What is the role of the FCA, the PRA and the FPC?
What is Solvency II?