Alison Matthews

Jan 21, 2025 | herbertsmithfreehills.com | Grant Murtagh |Alison Matthews |Barnaby Hinnigan |Geoffrey Maddock

The Labour Government has laid out an ambitious plan for the insurance industry as part of its broader financial services strategy. In her first Mansion House speech, Rachel Reeves identified the insurance and reinsurance sector as one of five "priority growth opportunities" for the government and a key focus of its Financial Services Growth & Competitiveness Strategy, which will be released this spring.

Jan 16, 2024 | mondaq.com | Geoffrey Maddock |Barnaby Hinnigan |Grant Murtagh |Alison Matthews

Our latest annual assessment of the UK insurance regulatory landscape reflects the huge amount of regulatory change that has occurred over the last 12 months and that is set to continue in 2024. Milestones reached in 2023 included the first deadline for implementing the FCA's new Consumer Duty and the passing of the Financial Services and Markets Act 2023, laying the foundations for the introduction of a new UK Solvency II regime.

Oct 19, 2023 | mondaq.com | Geoffrey Maddock |Barnaby Hinnigan |Grant Murtagh |Alison Matthews

The PRA's latest consultation on reforming the UK's insurance regulatory regime proposes a number of changes to the matching adjustment rules. This is the second PRA consultation to follow the UK Government's Solvency II review, which confirmed that the post-Brexit Solvency II framework should be better aligned to the structural features of the UK insurance sector. The changes should also support the Government's aim of encouraging insurers to provide more long term capital to the UK economy.

Oct 19, 2023 | lexology.com | Hywel Jenkins |Tim Leaver |Cat Dankos |Alison Matthews |Anna Henderson |Phoebe Fox

The FCA has proposals for a new regulatory framework in respect of diversity & inclusion in the financial sector (FCA CP23/20). The PRA has also its own proposals (PRA CP18/23) for PRA-regulated firms (together, the “Consultations“). The FCA and PRA argue that greater diversity and more inclusion can improve outcomes for consumers and markets, support prudent decision-making and lead to better risk management by reducing groupthink.

Aug 25, 2023 | mondaq.com | Geoffrey Maddock |Grant Murtagh |Kelesi Blundell |Alison Matthews

On 2 August 2023 HM Treasury published the response to its January 2023 consultation on a new Insurer Resolution Regime (IRR). In its consultation HM Treasury set out its proposal for legislative requirements that would give regulators additional tools and powers to manage the failure of (re)insurers in an orderly manner (to "resolve" an entity) where such a failure would have a wider impact on the financial system and policyholders.