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REG Reviews – October 2025

1st October 2025

Welcome to your October Edition of REG Reviews!

Last month, the UK Reform party speculated that it would eradicate the FCA and enable insurers to self-regulate if elected, the UK government planned to trial digital driving licences amid privacy backlash, extreme weather caused significant insurance risks and costs for clean energy development, and REG hosted its Business Profile and Smart Search Webinar to help businesses enhance partner discovery.

Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…

Industry News​

5,000 and Counting: FCA Impersonation Scams Surge in H1 2025​
The Future of Clean Energy Under Pressure from Extreme Weather​
REG Unveils Business Profile & Smart Search in Interactive Webinar​

Regulatory News

Self-Regulation: A Brave Reform or a Risk Too Far?
Public Backlash Builds Over Digital IDs ​​
Consulting on Change: The Next Stage in UK Insurance Branch Reform ​​

REGULATORY

Self-Regulation: A Brave Reform or a Risk Too Far?

Arron Banks, a close colleague of Reform UK leader Nigel Farage, has recently reported to Insurance Age the party’s plans to eradicate the FCA and enable insurers to start self-regulating if they were to be elected.

He claims that this move would “slash red tape, cut levies and be a champion of the independent broker” as put by Insurance Age.

Banks believes that the insurance and financial services market should go back to their old roots, where trust and transparency were integral without the involvement of an external regulator like the FCA, which has in itself become a huge industry, the one of over-compliance.

While a self-regulated insurance market could significantly improve processes and cut unnecessary compliance costs, it could lead to a huge lack of consumer trust, which makes a self-regulation suggestion a double edged sword that needs careful analysis before rolling out.

According to Managing Director of Insurance Compliance Services, Jill Hambley, the insurance market can’t self-regulate effectively, reporting that: “An independent agency of some kind is needed to hold stakeholders to account… It took a long time for the FSA to get to grips with the insurance market and we definitely don’t want to start from scratch.”

Jim Dart, Managing Director of Dart Compliance also disagrees with the idea of having a self-regulated insurance industry, stating that insurers won’t take the necessary steps themselves to ensure fair value for consumers, ultimately leaving the latter in the dark and not capable of deciding on proper coverage.

However, Dart suggests meeting in the middle, where he says that a regulator specific to the insurance industry which he refers to as an “Insurance Conduct Authority” could be a winning solution.

He added that for this to works successfully, the new watchdog would need to be “staffed by actual practitioners writing an informed rule book with specific designed outcomes”.

Bjelobaba, Managing Director at Consultancy Branko added that: “Fair value would need to be articulated much more clearly. Insurers would have to share claims data, actual numbers of paid and declined, total values paid and then complaints, no excuses for hiding this.”

He also said that consumers will need to have access to honest insurance products with clear labels that showcase their intended value.

While many of these insurance experts stated that there could be, to an extent, a self-regulating or a regulator specific to the insurance market in the future, the chances that this works will depend on the government and the industry working closely together to determine the pros, the cons and the next steps.

Only time will tell if this will be successful, and according to Thomas Beckett, founder of Taurus Risk: “There would also be a period of uncertainty during that transition. You can’t just start an insurance regulator overnight and expect it to operate the same standards that the FCA has been.”

TECHNOLOGY

MGAs Poised to Become the Next Success Story in Reinsurance

According to US-based credit-rating agency AM Best, MGAs have a huge potential of becoming a gold mine for the reinsurance sector, following the thriving cyberinsurance market’s footsteps.

Greg Carter, Managing Director of Analytics for the European, APAC and African markets at AM Best, recognises the nimble and innovative nature of MGAs, considering them as the “next important growth area” that reinsurers must explore in more depth.

Carter stated that MGAs are: “very much at the forefront of innovation in terms of distribution and product design”.

He also explained that Cyber is considered a phenomenal success for insurance, considering that this risk has only emerged less than 25 years ago and the market has managed to innovate rapidly and create the right product at the right time.

Carter also told Insurance Times that the reinsurance industry must consider insurance-linked securities (ILS) and improve capital structures to create shareholder returns and AI breakthroughs to close protection gaps.

According to Stefan Holzerberger, Chief Operating Officer at AM Best noted that MGAs can benefit from forming captives – an insurance company that is fully owned by a non-insurance parent company to cover its own risks, ultimately functioning as both a self-insurance mechanism and a risk management tool.

He says that: “MGAs are more a player in the commercial market. They’re designing products. They’re really taking ownership over the performance of that book of business and, to the extent [that] they feel confident and comfortable with the long term loss ratios, they’re forming captives.”

While opportunities are multi-fold, it’s crucial not to neglect the challenges that the reinsurance market faces, ranging from cybercrime and the increase in deepfake technology to broader macroeconomic and geopolitical risks, and relying blindly on AI without weighing up the consequences.

Teen ‘Hackers’ Drive Surge in Insider School Cyber Attacks ​​

CYBER

Teen ‘Hackers’ Drive Surge in Insider School Cyber Attacks ​

A growing number of cyber-attacks in UK schools are being carried out not by externals, but by students themselves. According to newly released figures, 57% of insider cyber incidents in schools between January 2022 and August 2024 were linked to student activity. 

The data, drawn from 215 reported personal data breaches in the education sector, highlights a concerning trend: almost a third (30%) of incidents involved stolen login details, and students were responsible for 97% of those cases. These breaches were often enabled by weak credentials or passwords written down and easily accessible- allowing students to “log in, not break in”. 

The National Crime Agency (NCA) has also reported that 1 in 5 children aged 10 to 16 have engaged in illegal online activity. Last year, the youngest referral to its Cyber Choices programme, which redirects young people with digital skills away from crime, was just seven years old. 

The motivations for student led cyber-attacks range from dares and rivalries to curiosity, notoriety, and financial gain. One case involved three Year 11 students accessing personal data of more than 1,400 pupils. In another, a student used a staff login to access, modify, or delete data on over 9,000 individuals, including sensitive health and safeguarding information. 

Further analysis of the 215 insider incidents revealed additional vulnerabilities: 

  • 23% stemmed from poor data practices (e.g. staff leaving devices unattended) 
  • 20% involved staff sending data to personal devices 
  • 17% related to incorrect system access rights 
  • 5% involved attempts to bypass technical controls 

While the education sector continues to face rising cyber threats, these findings highlight the need for stronger internal controls and greater awareness of the risks posed by insider threats, particularly those emerging from within the student body.

FINANCE

Food Inflation Surges

Food Inflation Surges, Putting Pressure on UK Households

UK inflation remained unchanged at 3.8% in August, but food prices continued their upward trajectory, adding further strain to household budgets. According to the Office for National Statistics (ONS), the cost of food and non-alcoholic beverages rose by 5.1% year-on-year, the sharpest increase since early 2024. 

Key staple items saw particularly steep rises. Beef and veal prices rose by 24.9%, butter by 18.9%, and chocolate by 15.4%. These increases have outpaced wage growth, which stood at 4.7% between May and July, according to the ONS. The British Retail Consortium (BRC) warned that “with food inflation now outpacing wages, many families will be struggling with the rising cost of living.” 

The sustained rise in food prices has been attributed partly to the knock-on effects of domestic policy decisions. Increases to the National Insurance Contributions for employers and a higher national minimum wage have pushed operating costs higher for businesses, many of which have passed these costs on to consumers.

KPMG UK’s Chief Economist Yael Selfin noted that the UK has become “an outlier” on inflation compared to other major European economies, where rates are significantly lower with 0.8% in France and 2.1% in Germany. 

Small businesses are feeling the impact directly. Tom Egan, co-founder of Coosh Bakery in Nottingham, reported a 150% increase in the cost of chocolate due to global supply issues, adding: “Butter prices have risen by 50%, and higher NICs have made us more cautious about investing in new equipment.” 

With inflation still sitting above the Bank of England’s 2% target, interest rates are expected to hold at 4%, and further cuts this year remain uncertain. 

REGULATORY

Public Backlash Builds Over Digital IDs ​

The UK government is moving ahead with plans to introduce digital driving licences, with a pilot expected by the end of 2025. Delivered through the GOV.UK Wallet app, the initiative aims to simplify identity verification across a range of everyday services, from hiring a car to proving age when required. 

This digital alternative won’t replace physical licences but will exist alongside them. Users will access their credentials via a secure app, protected by biometric login and multi-factor authentication. Future plans suggest the wallet could expand to include tax services, benefit claims and travel documentation, bringing multiple forms of ID into one secure platform. 

The digital licence offers several advantages: 

  • Improved accessibility: Users can access and update licence details in real time via smartphone. 
  • Selective data sharing: Individuals can share only what’s necessary, such as confirming age, without exposing full details. 
  • Enhanced security: Advanced authentication methods and encrypted storage reduce the risk of fraud. 
  • Integration potential: Over time, the GOV.UK Wallet could streamline verification across sectors, including insurance and financial services. 

Despite these benefits, the rollout has faced growing public opposition: 

  • Privacy fears: Critics argue that even voluntary digital IDs risk normalising surveillance. 
  • Data security: Centralising personal information raises concerns around potential breaches or misuse. 
  • Digital exclusion: Not everyone has a smartphone or the digital literacy to access online services reliably. 
  • Public resistance: Over 2.5 million people have signed a petition opposing what they see as a step toward compulsory digital ID. 

While the government maintains that using digital driving licences will remain optional, successful adoption will rely on building public confidence through transparency and clear safeguards. 

As digital identity becomes increasingly integrated into public and private services, sectors such as insurance and finance will need to stay ahead of the curve. The technology presents clear opportunities to enhance customer onboarding and streamline verification processes, but it also introduces new challenges around data protection, inclusion, and regulatory oversight. 

For insurers, the impact could be significant, but only if implementation is thoughtful, secure, and responsive to public concerns. 

ESG

The Future of Clean Energy Under Pressure from Extreme Weather

Natural disasters and severe weathers are becoming a significant obstacle to clean energy projects not just in the United States, but in the entire world.

These climate issues are creating more risks around the degree to which clean energy projects can be insurable and financed in the long-term.

While wildfires, especially in the US, Europe, and Australia have drawn the most attention, other natural hazards like windstorms, floods, tornadoes, and even earthquakes are increasingly posing serious risks, causing costly damage that affects both communities and ongoing clean energy projects, including solar panel performance, as reported by Insurance Times.

According to James Totton, underwriter at Tokio Marine GX reported that: “In the last 12-24 months the market has really come to terms with the fact that other territories – the Middle East, North Africa and Asia-Pacific – are now also seeing natural catastrophes in increasing frequency and severity, mirroring our experience in the US market.”

Moreover, this mounting exposure to harsh weather is significantly increasing the occurrence and gravity of claims.

Wind and solar farms are frequently developed in regions vulnerable to significant natural disasters. With climate change, these extreme weather events are projected to become increasingly severe and destructive.

According to Peter Carter, head of the climate practice and captive insurance management solutions at broker WTW, many insurers are increasing premiums adopting stricter underwriting standards due to losses induced by extreme weather.

He also elaborates that insurers are wary of covering renewable energy projects due to limited claims history, technical complexity of evolving technologies (like wind turbines, subsea cables, and solar panels), and added risks from natural disasters and climate events.

So what’s the solution? The renewables industry must adopt new risk management strategies as extreme weather drives up insurance challenges.

As suggested by Tim Evershed from Insurance Times, short and medium-term options can include parametric insurance and alternative financing, such as captives. While long-term resilience will require stronger mitigation, avoidance measures, and integrating climate risks into project design from the outset

Insurers are under pressure to balance sustainable capacity with rising exposures, as rapid advances in renewable technology lead to larger, riskier sites.

New solutions, such as advanced solar trackers and redesigned panels, can help reduce vulnerability to severe weather, but their added cost may discourage developers.

The sector’s ability to adopt smarter risk management and resilient design will ultimately decide how securely it can power the green transition.

REG UPDATES

REG Unveils Business Profile & Smart Search in Interactive Webinar

On 3rd September, REG Technologies held a pivotal webinar to unveil its new Business Profile and Smart Search features. Nathan Banfield, Head of Customer Success, led the session, guiding attendees through how these capabilities enhance visibility, trust, discovery, and decision-making across the regulated B2B network.

Rather than being a directory tool alone, Business Profile is designed as your organisation’s digital storefront within the REG Network. It lets firms showcase their company, products, people, credentials, capabilities, and offerings in one place — helping potential partners find you without needing a prior connection. The more complete your profile, the more visible you become in Smart Search results. According to REG, Business Profile helps you “stand out with confidence, demonstrate transparency, strengthen your risk posture” and control how your organisation is presented.

Backing that user-facing presentation is rich regulatory and trust data. Business Profile integrates with existing compliance signals, including AML status, credit scoring, licensing, permissions, and more, so the information visible to others is tied into verified regulatory records.

Complementing that is Smart Search, a powerful search engine across the REG Network that enables firms to filter and find organisations matching precise criteria — geographic, product lines, regulatory status, credit score, or specialised roles. It uses natural-language queries to rapidly screen companies that meet your parameters and delivers at-a-glance insights. Powered by advanced filters, Smart Search enables firms to uncover opportunities aligned with their strategic goals — whether that’s identifying brokers with specific permissions, MGAs in growth markets, or regulated entities meeting particular compliance criteria. It goes beyond traditional directory tools, surfacing the right partners at the right time.

During the webinar, Banfield walked through existing workflows, showing how both features integrate with regulatory information. He demonstrated how a compliance or business development user could run Smart Search queries, evaluate profiles enriched with compliance and risk data, and make faster decisions around onboarding or partnerships. He emphasised that this is not just for compliance — sales and growth teams benefit too, by shortening discovery and enabling them to find credible potential partners efficiently.

This launch represents a clear step in REG’s mission to become the most trusted B2B regulated network focused on partner discovery, business growth, and counterparty risk management. With Business Profile and Smart Search, REG is empowering members to be seen, discover the right partners, and make confident, risk-aware decisions in a single, governed ecosystem.

Missed it? Catch up on demand 

CYBER

5,000 and Counting: FCA Impersonation Scams Surge in H1 2025

Scammers posing as the Financial Conduct Authority have struck almost 5,000 times in the first six months of 2025, highlighting the lengths fraudsters will go to exploit trust in regulatory institutions. Over that period, the FCA logged 4,465 reports of impersonation attempts, and in 480 cases victims were tricked into transferring money. The most vulnerable demographic appears to be those aged 56 and above, who account for nearly two thirds of all reports.

How the scams work

These impersonation schemes are alarmingly creative. Some fraudsters claim the FCA has recovered funds from a cryptocurrency wallet allegedly opened in the victim’s name. Others promise assistance to those who have already fallen prey to loan scams, only to demand further payments under the guise of helping recover losses. Another ploy involves informing victims that a County Court Judgment has been issued against them and instructing them to pay the FCA directly.

A particularly insidious tactic is “pig butchering,” in which fraudsters develop a relationship often romantic or emotional before persuading victims to invest in fake schemes. Once the victim suffers losses, the scammers impersonate the FCA, offering to “recover” the money for a fee, and thus extract further funds.

Impacts on individuals and insurers

For individuals, the emotional, financial and reputational toll is severe. Losing money is one thing; being manipulated into believing a regulator is trying to help makes the betrayal deeper.

For insurers, these trends add pressure. Fraud, financial crime and identity theft products are under greater scrutiny. Many standard policies exclude losses stemming from voluntary transfers to fraudsters, leaving customers in a grey zone when they claim they were tricked into authorising transfers. Disputes are rising, with customers arguing they were misled into payment and should not be classified as voluntary transfers.

What can be done

Education is key. Regulators emphasise that the FCA will never ask for PINs, passwords or unsolicited money transfers. If someone claims to represent the FCA unexpectedly, scepticism is warranted. Always verify by contacting the regulator directly via known official channels before acting.

Insurers and brokers are stepping up too. Some are investing in fraud detection tools, awareness campaigns, staff training, and sophisticated monitoring systems. The insurer’s role is evolving from reactive (paying claims) to proactive (preventing fraud). Collaborating across sectors banks, regulators, insurers is essential to build robust defences.

Last year, the total number of impersonation scam reports topped 10,000, with nearly 1,000 victims having lost money. If the current trend continues, 2025 could surpass that. The rise underlines a sobering reality: fraudsters are becoming more audacious, more convincing, and more resourceful.

In such a climate, vigilance becomes a collective responsibility. Individuals must remain alert and sceptical; regulators must stay ahead of criminal innovation; and insurers must craft policy frameworks that fairly balance protection and risk while pushing the industry toward prevention rather than just remediation.

FINANCE

FCA Dedicates 19000 Hours to Premium Finance​ ​

According to a Freedom of Information request reported by Insurance Age, the Financial Conduct Authority spent 18,864 staff hours reviewing premium finance in motor and home insurance, with brokers representing 32 of the firms examined.

The FOI revealed the review drew on nearly two billion data points, involved 22 staff, and included 21 meetings.

Launched last October over long-standing concerns, the FCA has since confirmed it will not ban broker commissions, mandate 0% APR, or impose a universal cap on premium finance for motor and home insurance.

The FCA also stated that it “may not represent fair value for some customers and that competition may not be functioning effectively.”

Additionally, the investigation collected data from 32 brokers, 10 insurers, and seven specialist premium finance providers. Follow-up meetings included seven intermediaries, five with two price comparison sites, three with two insurers, and six with five finance providers.

The FCA said the review incurred no extra costs beyond internal resources and could not provide a detailed breakdown of staff time or expenses.

As reported by Insurance Age, the FCA’s investigation into premium finance generated 1,124 documents and 165,182 datapoints from sample firms and also drew on existing datasets, including nearly 1.88 billion points from General Insurance Pricing Practices, 221,000 from regulatory returns, and over 18.7 million from the Financial Lives Survey.

The review involved 22 staff, took place from 14 October 2024 to 25 July 2025, and did not use any external consultants.

With the FCA opting not to take action, the review concludes as largely uneventful for compliant firms, while still recognising the balance between consumer benefits and broker costs. The sector now looks ahead to the new consultation that will be running until 30 September, with a final report expected by the end of 2025.

REGULATORY

Consulting on Change: The Next Stage in UK Insurance Branch Reform ​

The Prudential Regulation Authority (PRA), part of the Bank of England, has issued a consultation paper (CP20/25) outlining proposed refinements to its regulatory regime for insurance branches from third country (i.e. non-UK/non-Gibraltar) undertakings. 

Key Proposed Changes

1. Raising the “subsidiarisation threshold”
Currently, third country branches with liabilities covered by the Financial Services Compensation Scheme (FSCS) above £500 million are expected to convert into UK incorporated subsidiaries. The PRA proposes raising this threshold to £600 million. This increase reflects inflation and maintains alignment with the FSCS levy cap for general insurers. The PRA estimates this change could save firms around £4 million in avoided remediation costs with minimal additional risk to policyholders or the FSCS.

2. Formalising modifications by consent
The PRA proposes incorporating certain regulatory reliefs into the Rulebook that are currently granted via modifications by consent (MbCs). For instance, smaller branches would be formally exempted from full reporting requirements, and the treatment of pure reinsurance branches would be codified. This should reduce reliance on ad hoc waivers and enhance clarity across the industry.

3. Updated guidance and revisions to EU-derived rules
The PRA intends to clarify its expectations regarding Own Risk and Solvency Assessments and resolution planning for branches. It also proposes updating or dis-applying certain retained EIOPA guidelines to avoid duplication and reflect the UK’s post Brexit framework.

4. Technical amendments
Other proposals include removing eligibility for volatility adjustments for branches, tightening definitions in supervisory statements, and clarifying notification requirements where a branch may exceed the subsidiarisation threshold.

Overall, CP20/25 is a pragmatic package of updates aimed at improving proportionality, reducing regulatory friction, and enhancing the UK’s appeal as a location for international insurance branches. 

ESG

Rising Demand for “Green” Insurance: A Turning Point in the Sector ​ ​

It’s becoming increasingly clear that the insurance industry must evolve to meet the demands of a greener future. Over 40 per cent of insurance professionals now consider it critically important for insurers to offer environmentally conscious or “green” insurance products. This shift reflects not only market sentiment, but also deeper structural changes in consumer expectations, regulatory pressure, and climate risk dynamics.

For many customers today, sustainability is more than a buzzword. People are not only concerned about carbon footprints and environmental impact  they expect their service providers, including insurers, to reflect those values. More than half of consumers believe insurance companies should play an active role in addressing climate change. What’s more, a substantial share report they’d be willing to pay a modest premium for policies tied to ethical, low impact practices.

From the insurer’s perspective, offering green policies brings both opportunity and risk. On one hand, it’s a chance to differentiate, build trust, and appeal to emerging consumer segments. Insurers that successfully integrate ESG (environmental, social, governance) principles into their operations may capture loyalty and strengthen reputation. On the other hand, climate change is already altering loss patterns more frequent floods, heatwaves, wildfires and extreme weather events mean insurers must sharpen their underwriting, pricing and risk models.

The interplay between voluntary market signals and regulatory momentum is also pushing insurers toward greener offerings. In many jurisdictions, sustainability disclosures are becoming mandatory, and policymakers are increasingly scrutinising financial institutions’ climate credentials. Those lagging behind may find themselves exposed to reputational damage or even regulatory penalties.

Of course, the road ahead is not without pitfalls. One critical concern is greenwashing the risk that insurers overstate or misrepresent their environmental credentials. As ESG becomes a more central competitive battleground, scrutiny from consumers, regulators and NGOs is likely to intensify. Insurers must ensure transparency, credible metrics, and meaningful actions rather than marketing spin.

In practice, “green” insurance can take many forms: discounts for energy-efficient homes or vehicles, incentives for sustainable retrofits, policies tailored to climate resilient infrastructure, or underwriting models that favour low carbon technology. Over time, these innovations can help insurers manage exposure to climate risk, encourage positive environmental behaviours, and align commercial imperatives with ecological imperatives.

The rising calls from within the industry suggest a tipping point may be approaching. As climate challenges intensify, the foresight to act — not just talk may define who leads and who lags in the next generation of insurance.

University debt pressure mounts

FINANCE

Debt Pressures Mount as Banks Tighten Grip on Universities

UK banks are increasing pressure on universities, pushing them to cut costs and restructure debts, with some lenders now securing loans against campus buildings as the sector faces deepening funding challenges. 

Major lenders including Barclays, Lloyds Banking Group, NatWest, HSBC and Allied Irish Bank are reportedly in “crunch talks” with universities to prevent breaches of loan agreements. Barclays and Lloyds alone hold around £1 billion and £870 million of university sector debt respectively. 

Financial pressures are escalating across the sector. The Office for Students warned in May that 45% of higher education providers expect to report a deficit in 2024–25, up from 30% the year before. Falling numbers of high-fee international students, coupled with UK tuition fees that have lagged behind inflation, have left many lower-tier universities vulnerable. 

English universities collectively carry around £13.3 billion in debt against £10.4 billion in cash reserves, though this cash is concentrated in a small number of stronger institutions. As a result, some banks are moving loans into “business support” and asking for detailed turnaround plans. 

Advisers say lenders are increasingly taking security over campus assets to protect their position, especially when working with institutions under acute financial strain. “Banks will say: ‘we have got security over Campus A, but you own Campus B, C, and D. If you want our further support, we want security over those assets,’” explained James Clark, managing director at Interpath. 

Recent examples include London South Bank University, which renegotiated its loans after securing waivers to avoid breaching agreements, with Barclays taking security over McLaren House and Allied Irish Bank over nearby Dante Road. Middlesex University also breached four covenants before agreeing a refinancing deal that involved pledging proceeds from the sale of its Ivy Hall accommodation to repay debt. 

While banks have so far shown flexibility, pushing too hard risks reputational damage. The trend suggests growing lender caution and intensifying pressure on universities to stabilise their finances. 

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