Corporate insurance and financial services
Law passed to regulate Significant Investments in Singapore Entities
The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.
Read moreConsumer duty and claims handling – beware of sludge practices
The Consumer Duty is a new regulatory framework developed by the Financial Conduct Authority (FCA) aimed at creating a higher standard of consumer protection in the retail markets. The FCA expects the Consumer Duty to be a significant shift for the market in terms of its expectations on firms and in this blog we consider this shift in the context of insurance claims handling.
Read morePRA and FCA joint forum publishes guidance to all firms on climate-related financial risks
On 29 June 2020, the Climate Financial Risk Forum (CFRF) published a guide providing practical recommendations to firms of all sizes on the financial risks associated with climate change.
Read moreFCA issues Final Report in the Wholesale Insurance Broker Market Study
Today, the FCA released its Final Report in its Wholesale Insurance Broker Market Study. The study, which was launched in 2017, considered competition, transparency and conflicts concerns arising from changes in the market, including an increased use of broker facilities.
Read moreThe W&I tool in M&A
Neil Brown and Joy Tickler highlight the increasing use of warranty and indemnity insurance by M&A negotiators. Its use has rapidly increased over the past few years, becoming a strategic tool in the toolbox of any M&A negotiator. We set out here the reasons behind this ever-increasing trend, together with some of our observations on how W&I has been effectively deployed.
Read moreScope of duty narrows for accountants
Accountants not liable for transaction losses despite negligent accounting treatment
Read morePart VII insurance business transfers – FCA's finalised guidance
The FCA published finalised guidance on its approach to reviewing insurance business transfer schemes under Part VII of the Financial Services and Markets Act 2000.
Read moreA step closer
Matthew Griffith and Neil Brown explore Lloyd's SPAs as an alternative for new market entrants to standalone syndicate formations and M&A
Read moreThe FCA turns its attention to the wholesale insurance sector
After indicating its intention to conduct a wholesale insurance market study in its 2017/18 Business Plan, the FCA has now announced the launch of its wholesale insurance broker market study and set out its terms of reference. This is an important development for brokers and insurers operating in this sector, and also for their clients.
Read moreSchemes and offers where drags don't work
James Mee and David Wallis detail the statutory solutions available when drag-along rights are either ineffective or non-existent for the sale of private companies with a large employee shareholder base
Read moreSpecial relationship
David Wallis and Peter Sugden outline what commercial teams need to know about US/UK deals.
Read moreSigned, sealed, delivered
Matthew Griffith shares some strategies for delivering successful (re)insurance M&A – before and after the ink has dried
Read moreWhat a drag
James Mee and David Wallis outline some of the issues involved in selling companies with a large employee shareholder base
Read moreNew corporate tax evasion offences – the clock is ticking!
Financial services firms should ensure they have in place appropriate policies and procedures as they prepare for the new corporate tax evasion offences.
Read moreSM&CR: what should the insurance sector be doing to prepare?
On 26 July 2017, the FCA and PRA published three consultation papers outlining their proposals for the extension of the senior managers and certification regime (SM&CR) to all authorised firms.
Read morePRA consultation to promote diversity on boards of large insurers
The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.
Read moreThe Automated and Electronic Vehicles Bill
The Automated and Electronic Vehicles Bill was announced during the Queen's Speech and is intended to put the UK at the forefront of the driverless car market, estimated to be worth £28bn by 2035.
Read moreContinued FCA focus on appointed representatives – more regulatory interventions in the London Market
FCA announce follow up supervisory work and regulatory interventions on insurance intermediaries with networks of appointed representatives (ARs).
Read moreImpact of the EU’s distribution regime remains unclear
Intermediary market heading for change with Insurance Distribution Directive’s introduction
Read morePart VII transfers – through the FCA's microscope
Draft FCA guidance sheds light on its approach to Part VII insurance business transfers and aims to reduce the time and cost required to undertake a transfer.
Read moreFCA publish consultation paper on the Insurance Distribution Directive
The FCA has published the first of two consultation papers setting out its proposals for transposing the Insurance Distribution Directive (IDD) into English law.
Read moreThe Insurance Block Exemption: The End of an Era
31 March 2017 sees the expiry of the Insurance Block Exemption
Read moreInsurance Companies and the Modern Slavery Act
As the new financial year is soon to arrive, companies will soon have to file their Slavery and Human Trafficking (SHT) statements. RPC has previously written about their general applicability and now will examine its impact on insurance companies.
Read more"Refine but not replace Solvency II" declares the ABI
In its response to the Select Committee inquiry into the impact of Solvency II (as reported by us in September), the Association of British Insurers (ABI) has called on the Government to refine and not replace Solvency II. The response also claims that the implementation of the new regulations is harming customers, distorting markets and potentially unnecessarily affecting UK firms' ability to compete in the EU and globally.
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