Understanding regulatory developments

PwC’s Financial Services Risk and Regulation Centre of Excellence

PwC’s Financial Services Risk and Regulation Centre of Excellence is a dedicated team of experts who will keep you up to date on the emerging risks, regulatory changes, technical issues and hot topics impacting UK financial services firms.

We scan the regulatory horizon and actively engage in dialogue with clients, regulators and industry bodies to bring you insights about the changing landscape and its impact on your business. Our monthly publication on regulatory developments, Being Better Informed, will help to keep you on top of what’s happening.

Regulatory issues

At a glance: Nearing finalisation: Pillar 3 disclosure framework

The Basel Committee published Consultative Document, Pillar 3 disclosure requirements – updated framework  on 27 February 2018. This is the third phase of the Committee’s revisions to Pillar 3 disclosure and includes new and revised requirements that relate to the Basel III: Finalising post-crisis reforms standards published in December 2017. This follows the January 2015 phase one and March 2017 phase two revisions to Pillar 3.

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At a glance: PRA Business Plan 2018/19 – looking both ways at banks

The PRA published its Business Plan 2018/19 on 9 April 2018 outlining its priorities for the year ahead. It describes this as ‘looking both ways’ – looking forward to adapt to changes in the external market, while staying mindful of the lessons of the past, which in part involves ‘defending the new post-crisis architecture’.

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At a glance: PRA Business Plan 2018/19: What does it mean for insurers?

On 9 April 2018 the PRA published its Business Plan 2018/19 (the Plan) outlining the PRA’s priorities for the year ahead. Areas of specific interest for insurers in the Plan include: the impact of Brexit on the PRA and firms, areas of Solvency II improvement, and focus on investment risk and quality.

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At a glance: PRA to remove SFCR audit requirement for smaller insurers

On 11 April 2018 the PRA published CP8/18 Solvency II: external audit of the public disclosure requirement. This CP proposes removing the audit requirement in respect of the public Solvency II reporting of smaller insurers. The PRA considers the burden of an audit for smaller firms is higher than anticipated and many of the key benefits of an audit requirement for those firms will have been realised in the two years for which the requirement applied.

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