REG Reviews
4th March 2024
Last Month, the FCA labelled fair value and pricing as the biggest challenge of Consumer Duty, pension funds drove a surge in UK corporate bond investments, insurers rallied for an investment boost with innovative partnerships and REG published its 2024 research report, exploring the evolving landscape of regulatory compliance and the use of technology.
Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
The House of Lords committee has raised significant concerns regarding the effectiveness of UK regulators, advocating for essential reforms to enhance both accountability and performance.
In their latest report, titled ‘Who watches the watchdogs? Improving the performance, independence, and accountability of UK regulators,’ the Industry and Regulators Committee concluded that a fresh approach to overseeing UK regulation is imperative.
Specifically, the committee is calling for the establishment of an “Office for Regulatory Performance” tasked with investigating and reporting on regulators’ performance. This initiative aims to assist Parliament in holding regulators accountable for their actions.
Since its inception in 2021, the committee has conducted inquiries into seven regulators, including three major investigations. One such inquiry, focusing on the commercial insurance and reinsurance market, commenced on January 14, 2022.
Throughout these inquiries, certain recurring themes and concerns have emerged, including the clarity of regulators’ mandates, the quality of government guidance provided to regulators, their independence from the government, and the mechanisms for holding regulators accountable.
To delve deeper into these issues, the committee launched an inquiry in October 2023. Over the course of this inquiry, which lasted from October to December 2023, the committee held nine evidence sessions, during which a total of 15 witnesses, including current and former regulators, business and consumer representatives, parliamentarians from both Houses, and other relevant stakeholders, provided testimony.
Following extensive discussions with a diverse array of witnesses, the committee uncovered a concerning trend: certain regulatory leaders appear to have been appointed based on political allegiance rather than their expertise and competence. Additionally, the committee highlighted the unacceptable delays by the government in appointing members to regulators’ boards.
Furthermore, some regulators are burdened with a multitude of objectives without clear guidance on how to prioritise them effectively. Compounding these issues is the fact that regulators have the authority to generate their own revenues through levies and charges, while others rely heavily on government funding. This dual funding mechanism significantly impacts their ability to operate independently, as outlined in the report.
Moreover, the committee expressed dismay at the blurring of lines between regulatory and political matters, with the government’s strategic guidance often evading decisive stances on crucial issues. This ambiguity only serves to further complicate matters.
Lastly, concerns were raised regarding the recruitment and retention of talent within regulatory bodies, exacerbated by the higher remuneration offered for similar skills in the private sector.
This concern was underscored by recent industrial action taken by staff at The Financial Conduct Authority, particularly as its performance in authorisations for brokers showed regression in four out of five categories during Q2 2023.
The Chair of the inquiry, Lord Hollick, stated; “We are particularly troubled by instances where the government has neglected to address political or distributional issues confronting regulators, resorting instead to meddling in their daily operations.”
“Independent regulators should feel empowered to inform the government and the public about the significant challenges within their sector and present clear, efficient, and transparent solutions to address them.”
The committee expressed disappointment over the Department for Business and Trade’s limited engagement in the inquiry, noting; “The department did not provide the committee with oral ministerial representation, despite ample notice, and its written submission was brief and lacked detail.”
Lord Hollick emphasised the importance of addressing the findings and recommendations in the report by the government, regulators, and parliament to preserve the integrity and legitimacy of the UK’s regulatory system.
The UK officially entered a technical recession by the end of 2023, as indicated by official figures released on February 15th. This development dealt a significant blow to Rishi Sunak’s economic growth pledges, with Labour claiming that the prime minister’s economic promises were now in ruins.
Gross domestic product (GDP) contracted more than expected in the final quarter of the year, falling by 0.3 percent compared to the previous three months, following a 0.1 percent decline in the third quarter, according to data from the Office for National Statistics (ONS).
Two consecutive quarters of GDP contraction meet the definition of a technical recession, though some economists argue that stagnation may be a more accurate description in the absence of a more pronounced or sustained downturn.
Following the release of the GDP data, traders adjusted their expectations, betting on the Bank of England (BoE) cutting interest rates from 5.25 percent.
Interest rate-sensitive 2-year gilt yields dropped, while the FTSE 100 index of blue-chip stocks rose in anticipation of interest rate cuts. Sterling also experienced a slight decline.
Rachel Reeves, Shadow Chancellor, criticised Sunak’s economic strategy, stating that his vow to grow the economy was now in ruins. However, Chancellor Jeremy Hunt maintained a more optimistic outlook, suggesting that there were indications that the British economy was beginning to turn a corner.
Economists had forecasted a 0.1 percent contraction in the final quarter, citing factors such as high borrowing costs, inflation, and strikes impacting economic activity.
In 2023, the UK economy largely stagnated, with growth at only 0.1 percent, which was weaker than the growth observed in the US and the eurozone. James Smith, Research Director at Resolution Foundation, characterised Britain’s descent into recession as a deeper living standards downturn.
The figures present a challenging backdrop for Hunt as he prepares for the March Budget, with reports indicating that he is contemplating substantial cuts to public spending to finance pre-election tax reductions aimed at bolstering the Conservative party’s re-election prospects.
The ONS reported declines across all major sectors in the quarter, with manufacturing, construction, and wholesale trade being the most significant drags on growth.
The volume of net trade, household spending, and government consumption decreased in the final quarter, partially offset by an uptick in investment.
Andrew Bailey, Governor of the BoE, cautioned against placing excessive emphasis on the economy slipping into a technical recession, characterising it as expected to be “very shallow.”
Sanjay Raja, Chief UK Economist at Deutsche Bank, remarked that the fourth-quarter contraction represented a significant deviation from GDP for the BoE’s Monetary Policy Committee.
In February, the BoE revised its forecast for 2024 growth upwards, now predicting growth of 0.25 percent, compared to its previous forecast of zero growth.
These GDP figures come on the heels of UK inflation data published on February 14th, indicating price growth at 4 percent in January, lower than forecasted by the BoE. However, official data released on Tuesday also revealed continued strong wage growth, raising concerns about the persistence of underlying price pressures.
The Bank of England (BoE) is scaling back its efforts to support the government’s green agenda following a change in the Chancellor’s directives.
Climate change was previously among the four key government policy aims that the BoE’s Financial Policy Committee (FPC) was charged with supporting, alongside its primary goal of safeguarding financial stability.
However, in November, Chancellor, Jeremy Hunt, revised the committee’s remit, omitting climate change from the list. Instead, Hunt instructed the central bank to prioritise “boosting productive finance” as one of the FPC’s four priorities for supporting the government’s financial services strategy.
Andrew Bailey, Governor of the BoE, informed a parliamentary committee on February 14th that the central bank had already reduced resources dedicated to climate-related work in response to these changes and was further reviewing its approach.
“We’ve had to sit down and assess the implications… We no longer have such precise alignment with government policies in that area because they’ve been removed from the list of government priorities,” Bailey explained to the House of Lords Economic Affairs Committee. “We’ve tried to streamline our efforts in that regard.”
Although the remit letter still underscores the importance of the FPC considering risks related to climate change within its core mandate of financial stability, encompassing both the physical risks associated with changing weather patterns and those posed by transitioning to net zero.
“We recognise the financial stability risk. That hasn’t been disregarded,” Bailey affirmed. However, he noted; “The scope and breadth of our work in this area will be somewhat reduced. We will prioritise core financial stability risks… There’s always a matter of relative priorities. We are allocating more focus to operational risk and even more to cyber risk.”
Under the leadership of Andrew Bailey’s predecessor, Mark Carney, the BoE played a pivotal role in global initiatives aimed at developing stress tests to assess financial institutions’ exposure to climate-related risks. It also spearheaded the implementation of new reporting requirements in this regard.
In 2021, Prime Minister, Rishi Sunak, outlined a vision to position the UK as a center for green finance, emphasising investments and loans directed towards combating climate change and addressing environmental challenges.
Against this backdrop, the Financial Policy Committee (FPC) was initially tasked with supporting the government’s climate-related objective of aligning private sector financial flows with environmentally sustainable and resilient growth. However, recent developments have cast doubts on the UK’s commitment to green objectives.
The government’s introduction of new legislation mandating annual North Sea oil and gas licensing rounds, along with the dilution of certain net zero policies to mitigate potential public backlash against perceived costly regulations, has raised concerns.
In October 2023, REG Technologies carried out extensive research to understand attitudes and sentiments in the insurance and financial services market around the following subjects:
➡️ Starting Business Relationships
➡️ Regulatory Processes and Reviews
➡️ Compliance Challenges
➡️ Regulatory Burden Pressures
➡️ International Regulatory Adherence
➡️ Usage & Knowledge of RegTech Solution
Respondents included 282 compliance professionals and were categorised as working in General Insurance and Reinsurance or Financial Services and Investment Activities in either the US or UK markets.
This research report delves into the challenges posed by the ever-evolving regulatory landscape, which have resulted in decreased process efficiency and compliance impacts. Despite the proliferation of technology, the market remains hesitant to fully embrace regulatory technology (RegTech) solutions. However, businesses that have adopted RegTech have experienced significant benefits in streamlining their compliance operations. How can the market overcome the barriers and leverage technology to thrive in the face of regulatory pressures?
“In the wake of mounting regulatory burdens, firms in the insurance and financial services sector are grappling with unprecedented challenges in adhering to compliance standards. Despite recognition of compliance as a top priority, outdated manual processes persist, hindering efficient operations. The slow adoption of RegTech exacerbates these issues, highlighting the urgent need for firms to invest in intelligent technology solutions. In today’s regulatory landscape, embracing innovative compliance tools isn’t just advantageous—it’s imperative for maintaining integrity, competitive edge, and ensuring faster, smarter, safer trade practices.”
Sheldon Mills, the Executive Director for Consumers and Competition at the Financial Conduct Authority (FCA), recently addressed the challenges faced by adviser firms in meeting the Consumer Duty, particularly in regard to price and value assessments.
Speaking at a KPMG conference, Mills underscored the critical importance of ensuring fair value and pricing practices to deliver positive outcomes for consumers. He emphasised that many of the fair value assessments conducted by firms lack robust data and credible evidence to substantiate the value proposition to retail customers.
Mills highlighted a common pitfall among firms, where reliance solely on market benchmarking fails to capture the full spectrum of factors influencing fair value.
He used the analogy of a Google Shopping search, suggesting that such simplistic approaches do not suffice in guaranteeing fair deals for consumers. Instead, he urged firms to adopt a more comprehensive approach, considering the actual value derived by consumers in relation to the price paid.
While acknowledging the progress made by some firms, particularly in adapting fee structures in response to the Consumer Duty, Mills stressed the ongoing need for improvement. He noted that despite the positive changes observed, there remains room for enhancement in various areas to drive better consumer outcomes.
In particular, Mills highlighted the upcoming inclusion of closed products within the scope of the Consumer Duty, which is scheduled to take effect at the end of July.
He warned that time is of the essence for firms with closed products, urging them to address key challenges such as evidencing good outcomes for consumers and addressing gaps in customer data.
“We don’t necessarily expect firms to re-price products or to repeat underwriting in every case if conditions such as life expectancy or economic conditions have changed. However, if a firm could have reasonably known that its assumptions were significantly wrong at the time a product was sold, we will consider if the firm complied with rules that were in place at the time.”
Moreover, Mills emphasised the broader obligation of firms to ensure that product design and services align with the principles of fairness, even in cases where vested rights may be involved. He stressed the need for proactive measures to mitigate risks and enhance consumer protection, especially in the context of legacy products.
“We know some closed products may offer poor value. In some cases, customers in legacy products might pay higher charges than they would for open products, where firms are competing for new business. In all situations, firms must assess and be able to demonstrate that their closed products provide fair value to customers,” said Mills.
In conclusion, Mills reiterated the FCA’s commitment to promoting fair value and pricing practices within the financial services industry. He urged firms to prioritise consumer interests and adopt a proactive approach to compliance with the Consumer Duty, emphasising the role of robust assessments and evidence-based decision-making in achieving positive outcomes for all stakeholders.
Chris Hayward, the Policy Chair at the City of London Corporation, expressed a determined stance regarding the financial district’s efforts to entice major companies to relocate their headquarters.
Hayward emphasised the City’s eagerness for growth and its commitment to adopting a flexible approach in negotiations with developers to attract companies to the Square Mile.
In an interview with the Financial Times, Hayward stated; “I have a policy: there is no such thing as deal breakers.”
He highlighted the City’s willingness to collaborate with investors, developers, and potential tenants to overcome challenges and ensure successful outcomes.
The City’s endeavours to attract large companies come at a time when the commercial property market is grappling with the impact of remote and hybrid working.
Vacancy rates in London’s office spaces reached a 20-year high by the end of 2023, with the City experiencing a nearly doubled rate of 12.1 percent between the first quarter of 2020 and the final quarter of 2023.
To stimulate economic activity in the capital, Transport for London initiated a trial eliminating peak fares on Fridays.
Hayward acknowledged that the City faces competition not only from London’s Canary Wharf but also from global financial centres such as New York, Paris, Frankfurt, and Dublin.
He noted an uptick in interest from companies seeking to relocate from other parts of London, including the West End, and mentioned the growing interest from hedge funds traditionally located in Mayfair.
Hayward cited HSBC’s decision to move into the redeveloped former BT headquarters at Panorama St Paul’s as a catalyst for increased interest from developers and investors, both locally and internationally.
He emphasised the City’s flexibility in working with developers to ensure their buildings provide public benefits, such as public terraces or community facilities.
The developer of the HSBC site proposed contributing £2 million to St Paul’s Cathedral, including funds for illumination and a café providing training to disadvantaged communities. The ground floor will feature a public walkway with art displays and additional space for pedestrians.
Hayward stressed the importance of collaboration with developers, acknowledging them as clients and partners investing in the city.
Aref Lahham, Founder and Managing Director of Orion Capital Managers, praised the City’s commitment to winning business and finding solutions to challenges.
Hayward highlighted the retrofitting of existing buildings as a priority to reduce environmental impact, describing it as the starting point in the corporation’s planning approach.
He dismissed concerns about the decline of the office post-Covid, highlighted companies’ demand for high-quality offices to reduce their carbon footprint.
Furthermore, Hayward emphasised efforts to enhance the City’s appeal by making it more attractive to tourists and improving its nightlife, signalling a departure from its traditional image as a “sleepy old City of London.”
In 2023, the Financial Conduct Authority (FCA) took significant steps to address concerns regarding financial advertisements and promotions, resulting in the withdrawal or modification of 10,008 instances, representing a notable 17% increase compared to the previous year.
During the final quarter of the year, authorised firms responded by making 1,004 amendments or withdrawals, with general insurance and protection accounting for a mere 4% of these actions.
In contrast, the retail investments and retail lending sectors witnessed the highest volume of interventions, comprising an impressive 95% of the FCA’s engagements with authorised firms during Q4. The remaining 1% of interventions were observed in the retail banking sector.
Moreover, the FCA actively published 2,285 alerts throughout 2023 to assist in preventing consumers from falling victim to scams, a substantial increase from the 1,800 alerts issued in 2022.
Notably, the data from Q4 revealed 793 alerts regarding unauthorised firms and individuals, with 6% of these alerts linked to clone scams.
Clone scams involve fraudsters utilising details such as the names, addresses, and ‘firm registration numbers’ of authorised firms and individuals to falsely present themselves as legitimate entities.
Fraudsters targeted brokers and insurers during 2023, prompting the FCA to issue warnings regarding clones of prominent entities such as Axa, Howden-owned UKGlobal Broking Group, and Montgomery Kent Insurance Brokers, building upon previous alerts issued in 2022.
Lucy Castledine, Director of Consumer Investments at the FCA, emphasised the importance of providing consumers with clear, fair, and accurate information to base their financial decisions on.
She reiterated the FCA’s commitment to intervening and taking decisive action against firms that fail to meet the minimum standards outlined by the regulatory body.
The UK has led an extensive operation to disrupt what is believed to be the world’s largest criminal ransomware group, Lockbit, in a landmark move coordinated by the National Crime Agency (NCA).
Lockbit, a notorious organisation suspected to be based in Russia, has gained infamy for its widespread ransomware activities, providing services to other criminal entities.
The operation, which involved infiltrating Lockbit’s systems and seizing its data, marks a significant milestone in the fight against cybercrime.
On February 19th, a notable development occurred when a message appeared on Lockbit’s website, signalling that it was “now under control of law enforcement.”
This action, representing one of the most significant disruptions of the cyber-criminal world, was the result of a long-running effort involving collaboration between the NCA, the FBI, Europol, and other countries.
Importantly, this operation stands out as the first of its kind to be led by the UK, underscoring its commitment to combatting cyber threats on a global scale.
Lockbit specialises in infiltrating the computer systems of companies and organisations, encrypting their data, and demanding ransom payments. Since its emergence around 2019, Lockbit has solidified its position as a dominant player in the ransomware market, reportedly accounting for 20-25% of it.
The group’s targets have included prominent entities such as Royal Mail, Industrial & Commercial Bank of China (ICBC), and suppliers to the NHS, among others.
The operation against Lockbit was conducted covertly for an extended period, with law enforcement agencies gathering crucial data before moving to a more public phase.
By breaching Lockbit’s systems, the NCA’s technical experts were able to obtain a substantial amount of the group’s data, providing valuable insights into its operations and scale.
This intelligence gathering aims to shed light on the true extent of Lockbit’s activities and facilitate further efforts to combat cybercrime.
In a bold move, law enforcement took control of Lockbit’s dark web site, replacing it with messages indicating their intervention and cooperation with international agencies.
This action not only disrupts Lockbit’s operations but also aims to undermine its credibility and reputation among its affiliates and potential partners.
While Lockbit’s operators are believed to be based in Russia, beyond the reach of direct law enforcement actions, disrupting their operations remains a crucial strategy in combating cybercrime and bolstering cyber defences.
Former Head of the UK’s National Cyber Security Centre, Ciaran Martin, described the operation as one of the most significant disruptions ever undertaken against a ransomware group, highlighting the UK’s leading role in tackling cyber threats.
While these operations may not always go exactly as planned, the hope is that this disruption will significantly impede Lockbit’s activities and deter its quick resurgence, contributing to a safer cyber landscape in the UK and beyond.
According to a report by MPs, Britain is significantly enabling corrupt elites, particularly in central Asia, by failing to effectively prosecute money laundering crimes. This failure is seen as aiding kleptocratic regimes in the region, posing a threat to economic sanctions imposed by Britain and its allies in response to Russia’s invasion of Ukraine.
The report emphasises the geopolitical importance of British engagement with countries such as Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, especially as Russia exploits these nations to evade Western sanctions and spread disinformation about its actions in Ukraine.
Committee Chair, Alicia Kearns, criticises the UK’s historical neglect of central Asian states, highlighting their strategic significance given their location between Russia and China.
Kearns states; “Sandwiched between Russia and China, central Asian countries are courted by both powers. For too long, the UK has neglected to engage with central Asian states.”
Moreover, the report condemns the under-enforcement of financial crimes in the UK, which it argues has allowed central Asian elites to launder illicit proceeds through London’s financial institutions.
Kearns adds; “British ‘under-enforcement of financial crimes’ had made the UK ‘complicit’ and allowed central Asian elites to ‘wash the profits of their drugs trade in the offices of the City of London’.”
The report recommends that the UK government take active measures to prevent entities involved in sanctions evasion from exploiting the City of London and UK financial services. It also calls for strengthening educational and cultural exchange programs in the region and addressing budget cuts at the BBC’s World Service, which have allowed Russian disinformation to proliferate.
Kearns expresses frustration over the UK government’s perceived inaction, citing examples such as the World Service’s limited coverage in Uzbekistan despite significant viewership.
Kearns emphasises; “The focus of our engagement must be improving the lives of those in the region and making the case for democracy.”
Pension funds in the UK are increasingly investing in corporate bonds, prompting some French and German companies to issue sterling-denominated debt for the first time.
The UK’s defined benefit pensions industry, valued at £1.4 trillion, is shifting towards corporate debt due to its higher yields and its alignment with potential sales to insurers in the future.
The proportion of European corporate bond sales denominated in sterling has risen from 6.8% to 8.4% since the beginning of 2023, marking the busiest start to the year for investment-grade issuance from non-financial firms in a decade.
This trend has encouraged several continental European companies, such as Vonovia, Traton, and Kering, to issue sterling-denominated debt recently.
Higher UK interest rates have improved the funding position of defined benefit pension schemes, making them more attractive for potential buyouts by insurers. As a result, pension schemes are focusing on acquiring assets that are appealing to potential buyers.
Sterling-denominated corporate bonds are particularly attractive to insurers as they can be used to match their liabilities under solvency rules while offering higher yields than government bonds.
The improved funding position of defined benefit schemes has led to a shift towards de-risking investment strategies, with more investments being made in corporate bonds and other low-risk assets.
A record £50 billion in corporate pension deals took place in 2023, with further growth expected in 2024, making it potentially the busiest year ever in de-risking markets.
Demand for corporate bonds has been further bolstered by new regulations aimed at limiting excessive leverage by pension funds, particularly after the market turmoil following the “mini” budget announced by former Prime Minister, Liz Truss.
Many pension funds now prefer investing in corporate debt, which provides protection from interest rate fluctuations without the need for leverage and offers higher yields compared to government bonds.
Overall, the rising demand from pension schemes for sterling-denominated corporate bonds is expected to have a significant impact on the direction of corporate debt issuance in the UK.
UK insurers are advocating for new public-private partnerships to facilitate the deployment of £100 billion in investments, which were promised following post-Brexit regulatory reforms aimed at easing capital rules inherited from the EU and promoting infrastructure development.
Although the Solvency II reforms were hailed as a significant “Brexit dividend” and intended to stimulate additional investment by UK insurers in domestic infrastructure projects, concerns have been raised within the industry regarding the limited availability of suitable investment opportunities.
The Association of British Insurers’ Investment Delivery Forum, established to oversee the implementation of the pledged investments, proposed the creation of public-private partnerships using taxpayer funds to mitigate risks associated with infrastructure investments.
In an interim report, the forum emphasised the need for such partnerships to stabilise investment returns, enhance project credit ratings, and align with insurers’ long-term liabilities, thereby expanding the pool of viable investment options.
Despite the regulatory framework prioritising policyholder protection, the report acknowledged its potential impact in constraining the scope of investable projects.
According to estimates by the forum, the UK faces a substantial infrastructure investment shortfall of £615 billion to meet its energy, transport, and housing needs by 2030, underscoring the urgency for innovative financing solutions.
The report also advocated for empowering bodies like the National Infrastructure Commission with a broader mandate to transcend short-term political cycles, enabling more strategic and sustained infrastructure planning.
Baroness, Nicky Morgan, Chair of the Investment Delivery Forum, emphasised the importance of initiating pilot investment projects in collaboration with government entities at local and national levels to refine funding models and address existing barriers.
On the regulatory front, the forum proposed exploring a “sandbox” concept, allowing insurers and the Bank of England’s Prudential Regulation Authority to evaluate the eligibility of assets for inclusion in insurer portfolios, potentially expanding investment avenues in the future.
Focusing on energy generation, energy networks, and housing sectors, the forum identified promising investment opportunities such as nuclear power, offshore wind turbines, electric vehicle charging infrastructure, and affordable housing.
Highlighting the Thames Tideway Tunnel project as a model, the forum suggested replicating its financial structure to attract more insurer investments across various sectors, although critics have raised concerns about its cost to taxpayers and customers.
In February, REG’s Marketing Manager, Zoë Parsons, featured as a guest on the 100 Women in Insurance Podcast. Hosted by Sandra Lewin, the podcast’s mission is to interview 100 women in the insurance profession, showcase the variety of roles available in the industry, share top career tips and make insurance careers choices, not chance.
Sandra and her guests share their stories and tips in each episode, hoping to inspire other women to take control of their lives and careers.
During Zoë’s episode, she delves into the power of leveraging LinkedIn for career advancement, navigating the transition from Intern to Manager, overcoming imposter syndrome and the importance of companies’ commitment to championing diversity and inclusion.
The episode covers:
👉 The challenges young professionals face in the insurance industry and how to turn them into stepping stones for success.
👉 The importance of self-reflection and maintaining a positive mindset to overcome imposter syndrome and anxiety.
👉 The pivotal role of diversity and inclusion events in shaping a more accepting and supportive workplace environment.
👉 The power of networking and building meaningful relationships as a cornerstone for career advancement in the insurance sector.
Commenting on her appearance on the podcast, Zoe shared; “I feel honoured to be among the inspiring women featured on the podcast and am grateful for Sandra’s strides to ensure women in the market have a platform to share their voice. As we approach International Women’s Day, it is vital we continue to focus on celebrating talent within the workplace and championing change to move towards a society where inclusion is the foundation of organisational values.”
To listen to the episode, head to PodBean, Spotify or Apple Podcasts.
Last Month, the FCA labelled fair value and pricing as the biggest challenge of Consumer Duty, pension funds drove a surge in UK corporate bond investments, insurers rallied for an investment boost with innovative partnerships and REG published its 2024 research report, exploring the evolving landscape of regulatory compliance and the use of technology...
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Last month, FCA's commission crackdown turned the spotlight on binders, BIBA released 'Brokers Guide to ESG', 'ghost broking' incidents are worryingly rising and CEO, Paul Tasker, sat down with Insurance Age to talk all things RegTech and how regulation technology is transforming the insurance sphere...
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