Being better informed: May 2018

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In April, regulators turned their thoughts to their plans for the financial year ahead. The FCA and PRA published their annual business plans, which are always important documents for firms, as they set out the regulators’ priorities and planned activities for the next 12 months. The FCA focuses on the impact of Brexit and announces a number of new pieces of work such as market studies, while the PRA highlights operational resilience as a top priority. In our feature article this month, we take an in-depth look at how the FCA and PRA’s plans are set to impact firms.

Meanwhile EIOPA reviewed its strategy for conduct supervision, and published its supervisory convergence plan for 2018-19 for the insurance sector. Following the implementation of the IDD and the PRIIPs Regulation, EIOPA intends to increase its focus on driving supervisory convergence in conduct supervision, and on enhancing market monitoring and conduct risk assessments.

Also in insurance, the PRA continues to drive forward improvements to Solvency II. The PRA consulted on proposals to remove the audit requirements in respect of the Solvency and Financial Condition Reports for smaller insurers. Under the criteria proposed, the PRA estimates that more than 150 smaller insurers and groups will be exempt from the requirements.

Read about these developments and more in this month’s edition below.

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