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The latest news and views from UKGI on the new regulator...
In April 2013, the FSA was replaced by two new regulatory bodies, The Prudential Regulation Authority (the PRA) and The Financial Conduct Authority (the FCA).
The dawn of a new era in regulation is obviously a critical time for any general insurance intermediary. At UKGI, it’s our job to keep on top of the latest developments and make sure our clients are prepared for the changes ahead. We’ll continue to do this for our clients via regulatory update service and through posts to our comprehensive online compliance manual. However, if you’re not a UKGI client, we’ll also post some of the key updates here and via our LinkedIn page – so visit regularly to be kept up to date with the key events as they happen.
About the FCA and the PRA?
The Prudential Regulation Authority (the PRA) is a subsidiary of the Bank of England, and is responsible for promoting the stable and prudent operation of the financial system through regulation of all deposit-taking institutions, insurers and investment banks.
The Financial Conduct Authority (the FCA) is responsible for regulation of conduct in retail, as well as wholesale, financial markets and the infrastructure that supports those markets. The FCA also has responsibility for the prudential regulation of firms that do not fall under the PRA’s scope.
For General Insurance intermediaries, essentially the FCA is the new regulator. What we do know already is that the FCA will be responsible for requiring firms to put the well-being of their customers at the heart of how they run their business, promoting effective competition and ensuring that markets operate with integrity.
Original Article is from FSA to FCA | UKGI Compliance
In April 2013, the FSA was replaced by two new regulatory bodies, The Prudential Regulation Authority (the PRA) and The Financial Conduct Authority (the FCA).
The dawn of a new era in regulation is obviously a critical time for any general insurance intermediary. At UKGI, it’s our job to keep on top of the latest developments and make sure our clients are prepared for the changes ahead. We’ll continue to do this for our clients via regulatory update service and through posts to our comprehensive online compliance manual. However, if you’re not a UKGI client, we’ll also post some of the key updates here and via our LinkedIn page – so visit regularly to be kept up to date with the key events as they happen.
About the FCA and the PRA?
The Prudential Regulation Authority (the PRA) is a subsidiary of the Bank of England, and is responsible for promoting the stable and prudent operation of the financial system through regulation of all deposit-taking institutions, insurers and investment banks.
The Financial Conduct Authority (the FCA) is responsible for regulation of conduct in retail, as well as wholesale, financial markets and the infrastructure that supports those markets. The FCA also has responsibility for the prudential regulation of firms that do not fall under the PRA’s scope.
For General Insurance intermediaries, essentially the FCA is the new regulator. What we do know already is that the FCA will be responsible for requiring firms to put the well-being of their customers at the heart of how they run their business, promoting effective competition and ensuring that markets operate with integrity.
Original Article is from FSA to FCA | UKGI Compliance
