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Insurance & Pensions in United Kingdom

Insurance & Pensions regulatory updates from United Kingdom.

🇬🇧 All United Kingdom updates All Insurance & Pensions updates globally 27 updates
🇬🇧 FCA News medium

FCA seeks views on how to help close the protection gap

The FCA has called on the insurance industry to help more consumers access products that support them and their families if they become critically ill or die. The interim findings of its competition review of pure protection products found that, for those consumers that have taken out protection insurance, the market mostly works well. There are a wide range of products, most consumers can claim when they need to, and the costs of cover have remained stable in the last few years.But 58% of ad...

Sectors:
Insurance & Pensions
Topics:
Consumer Protection / Conduct
Insurance
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🇬🇧 FCA Guidance high

PS25/19: Improving the complaints reporting process

Consultation papers

AI Analysis

FCA PS25/19 finalizes rules to streamline complaints reporting by replacing multiple existing returns with a single consolidated return, enhancing data quality, consistency, and vulnerability identification while reducing burdens. This matters for compliance teams as it mandates system and process updates to improve regulatory oversight and consumer protection, with implementation required within 12 months. #

Sectors:
Banking & CreditInsurance & PensionsPayments & E-MoneyConsumer Credit
Topics:
Consumer Protection / ConductReporting & Disclosure
BankInsurancePayment Provider
All Firms
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🇬🇧 FCA Guidance medium

Statement of Policy on statutory investigations into regulatory failure and producing reports [PDF]

Policy and guidance

AI Analysis

The FCA's updated Statement of Policy outlines its approach to statutory investigations into possible regulatory failures under Part 5 of the Financial Services Act 2012, including criteria for triggering investigations and producing reports for HM Treasury. It matters because it clarifies when the FCA must self-scrutinize serious lapses in regulation, helping firms anticipate rare but high-profile probes into systemic issues affecting consumer protection, market integrity, or competition. The primary update adjusts inflation-linked monetary thresholds for assessing "significant" consumer detriment, ensuring the policy remains relevant. #

Sectors:
Banking & CreditInvestment ManagementInsurance & Pensions
Topics:
Consumer Protection / ConductSenior Managers / GovernanceReporting & Disclosure
Asset ManagerBankInsurance
All Firms
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🇬🇧 FCA Guidance high

PS25/22: Supporting consumers’ pensions and investment decisions: rules for targeted support

Policy statements

AI Analysis

The FCA's PS25/22 establishes a new regulatory framework for **targeted support**—a form of financial guidance that allows authorised firms to provide ready-made suggestions to consumer segments without conducting individualised suitability assessments. This framework addresses the UK's "advice gap" by enabling firms to deliver affordable, scalable financial support to an estimated 18 million consumers within a decade, fundamentally shifting how retail investors and pension savers access guidance on investment and retirement decisions.

Sectors:
Investment ManagementInsurance & PensionsWealth & Private Banking
Topics:
Consumer Protection / ConductAuthorisation & LicensingReporting & Disclosure
Asset ManagerWealth ManagerAll Firms
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🇬🇧 FCA Guidance high

PS25/23: Tackling non-financial misconduct in financial services

Policy statements

AI Analysis

The FCA's PS25/23 finalizes guidance on tackling **non-financial misconduct (NFM)** in financial services, amending the COCON sourcebook to clarify how serious NFM breaches conduct rules and integrating it into FIT assessments for fitness and propriety. This matters because it aligns rules across banks and non-banks, enhances accountability, deters harmful workplace cultures, and supports FCA objectives like consumer protection and market integrity by ensuring consistent handling of issues like bullying or harassment. #

Sectors:
Banking & CreditInvestment ManagementInsurance & Pensions
Topics:
Consumer Protection / ConductSenior Managers / Governance
Asset ManagerBankInsurance
All Firms
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🇬🇧 FCA Guidance medium

CP26/2: Financial Services Compensation Scheme – Management Expenses Levy Limit 2026/27

Consultation papers

AI Analysis

The FCA and PRA are consulting on setting the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) at £113 million for 2026/27, comprising a £108 million management expenses budget (up £4.4 million from 2025/26, broadly in line with inflation) and a £5 million unlevied reserve. This matters because it caps the operating costs (e.g., IT, staff, legal, claims handling) that FCA- and PRA-authorised firms must fund via levies, excluding separate compensation payments, ensuring FSCS efficiency while controlling firm burdens. #

Sectors:
Banking & CreditInsurance & Pensions
Topics:
Reporting & DisclosurePrudential / Capital Requirements
BankInsuranceAll Firms
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🇬🇧 BoE News medium

PRA to streamline supervision as part of 2026 priorities

The Prudential Regulation Authority (PRA) has today published its supervisory priorities for 2026, outlining in a letter its sector-specific priorities for the coming year to all banks, building societies, insurers and other PRA-regulated firms.

Sectors:
Banking & CreditInsurance & Pensions
Topics:
Prudential / Capital RequirementsOperational Resilience / OutsourcingReporting & Disclosure
BankInsuranceAll Firms
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🇬🇧 PRA Consultation high

CP1/26 – Financial Services Compensation Scheme – Management Expenses Levy Limit (MELL) 2026/27

Consultation paper 1/26

AI Analysis

The PRA and FCA have jointly issued consultation paper CP1/26 proposing to set the **Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) at £113 million for 2026/27**, comprising a £108 million management expenses budget and a £5 million unlevied reserve. This consultation determines the maximum amount the FSCS can levy on authorised financial services firms to fund its statutory compensation scheme operations, directly affecting compliance costs for all regulated entities.

Sectors:
Banking & CreditInsurance & PensionsInvestment Management
Topics:
Prudential / Capital RequirementsAuthorisation & LicensingConsumer Protection / Conduct
BankInsuranceAsset Manager
All Firms
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🇬🇧 FCA News medium

Pension value to be put under the spotlight

Pension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to bet...

Sectors:
Investment ManagementWealth & Private BankingInsurance & Pensions
Topics:
Consumer Protection / ConductReporting & Disclosure
Asset ManagerWealth ManagerInsurance
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🇬🇧 PRA News medium

Berne Financial Services Agreement (BFSA) Operational Direction and Guidelines for UK Insurers’ Section IV Notifications

The Berne Financial Services Agreement (BFSA) is a mutual recognition agreement between the UK and Switzerland, effective from 1 January 2026. This agreement enhances cross-border market access for financial services between the two countries.

Effective Date: 1 January 2026
Sectors:
Insurance & Pensions
Topics:
Prudential / Capital RequirementsAuthorisation & Licensing
Insurance
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🇬🇧 FCA News medium

Michael Pettifer Insurance Brokers Limited enters liquidation

On 21 November 2025, Michael Pettifer Insurance Brokers Limited, trading as MPI Brokers, entered creditors’ voluntary liquidation. Robert Cooksey of Bridgestones Limited has been appointed as liquidator. MPI Brokers was authorised and regulated by the FCA to sell and arrange insurance policies. The firm specialised in travel insurance.If you need to contact the liquidator, please contact Bridgestones using the details below:Email: mail@bridgestones.co.ukIn writing: MPI Brokers (In Liquidation...

Sectors:
Insurance & Pensions
Topics:
Authorisation & LicensingConsumer Protection / Conduct
Insurance
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🇬🇧 PRA Guidance high

SS2/25: Prudential considerations for insurance and reinsurance undertakings when transferring risk to Special Purpose Vehicles

Supervisory statement 2/25

AI Analysis

Supervisory Statement SS2/25 from the Prudential Regulation Authority (PRA) provides guidance on prudential considerations for UK insurance and reinsurance undertakings transferring risk to Special Purpose Vehicles (SPVs). It clarifies expectations for ensuring such transfers comply with Solvency II requirements, focusing on risk transfer validity, capital relief recognition, and supervisory approval processes. This matters because it aims to enhance transparency and risk management in reinsurance arrangements, reducing potential regulatory arbitrage while supporting efficient risk mitigation for insurers amid evolving market dynamics. #

Sectors:
Insurance & Pensions
Topics:
Prudential / Capital Requirements
Insurance
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🇬🇧 FCA Policy high

FCA expands insurance work in response to Which? super complaint

We're expanding the significant work we had planned to improve standards in the home and travel insurance markets, following Which?’s super complaint. Read our response to Which? (PDF)While 79% of consumers who make an insurance claim are satisfied with how it was handled, our work shows there's room for improvement - with 3 in 10 (31%) saying there isn’t enough information to judge the quality of different policies. Over the next year, we will do more to: Improve claims handling, by reviewin...

AI Analysis

The FCA is expanding its planned supervisory work in home and travel insurance markets in response to a Which? super complaint, focusing on improving claims handling, information provision, and overall standards. This matters for compliance professionals as it intensifies scrutiny under Consumer Duty, requiring firms to demonstrate better consumer outcomes amid ongoing simplification of insurance rules. It signals heightened FCA expectations for evidence-based improvements in customer satisfaction and transparency. #

Sectors:
Insurance & Pensions
Topics:
Consumer Protection / Conduct
Insurance
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🇬🇧 FCA Enforcement medium

Using our full toolkit to help consumers

With over 20 years’ experience and responsibility for supervising 5,000 firms, I know that when an issue arises, the first question is often: 'What action will you take?'That’s a fair question – enforcement is one of the most visible ways we act. It often grabs headlines with big fines and publicity.But our role as supervisors is to exercise judgement - selecting the right tool to achieve the best and fastest outcomes for consumers and markets.While enforcement is a vital part of the kit, it’...

AI Analysis

This FCA blog post outlines the regulator's supervisory "toolkit" for addressing consumer harm, emphasizing proactive supervision over enforcement to achieve faster outcomes like redress and market-wide improvements. It matters because it signals FCA's preference for swift, non-enforcement interventions (e.g., skilled person reviews, voluntary requirements), urging firms to respond promptly to supervisory feedback to avoid escalation. Compliance teams should view this as a reminder to prioritize Consumer Duty compliance, as supervision tools are increasingly tied to it for rapid harm prevention. #

Sectors:
Insurance & PensionsConsumer Credit
Topics:
Consumer Protection / ConductSenior Managers / Governance
InsuranceAll Firms
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🇬🇧 PRA Consultation high

CP22/25 – UK Solvency II reporting and disclosure: Post-implementation amendments

Consultation paper

AI Analysis

CP22/25 is a consultation paper on post-implementation amendments to UK Solvency II reporting and disclosure requirements, published by the PRA on 4 December 2025. The consultation addresses feedback and queries from insurance firms following the substantial reduction in reporting templates implemented at the end of 2024, clarifying expectations for compliance with the revised Reporting Part of the PRA Rulebook across multiple technical areas including accident/underwriting year reporting, annuity reporting by currency, and internal model governance disclosures.

Sectors:
Insurance & Pensions
Topics:
Prudential / Capital RequirementsReporting & DisclosureOperational Resilience / Outsourcing
Insurance
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🇬🇧 PRA Policy high

PS25/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks – Update to SS3/19

Policy statement 25/25

AI Analysis

PS25/25 is the PRA's policy statement providing feedback on CP10/25 and issuing updated Supervisory Statement SS5/25, which replaces SS3/19 to enhance banks' and insurers' management of climate-related financial risks through strengthened governance, risk management, scenario analysis, data quality, and disclosures. It matters because it sets a higher regulatory bar for embedding climate risks proportionately into core processes like ICAAP, ILAAP, ORSA, and financial reporting, promoting resilience and strategic decision-making amid evolving climate threats. #

Sectors:
Banking & CreditInsurance & Pensions
Topics:
Prudential / Capital RequirementsESGSenior Managers / Governance
BankInsurance
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🇬🇧 PRA Guidance high

SS5/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks

Supervisory statement 5/25

AI Analysis

SS5/25 is the PRA's updated supervisory statement, published on 3 December 2025, replacing SS3/19 and setting enhanced expectations for banks and insurers to manage climate-related risks through governance, risk management, scenario analysis, data quality, and disclosures. It matters because it represents a step change from awareness-raising to embedding robust, proportionate practices that integrate climate risks into core prudential processes like ICAAP, ILAAP, ORSA, and capital planning, aligning with the PRA's objectives for firm safety and soundness amid evolving physical and transition risks. #

Sectors:
Banking & CreditInsurance & Pensions
Topics:
Prudential / Capital RequirementsESGSenior Managers / Governance
BankInsurance
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🇬🇧 PRA Consultation high

DP2/25 – Alternative Life Capital: Supporting innovation in the life insurance sector

Discussion paper 2/25

AI Analysis

The PRA's Discussion Paper 2/25 (published November 14, 2025) invites UK life insurers to provide feedback on potential regulatory reforms that would enable them to access **alternative forms of capital through risk transfer to capital markets**, outside traditional equity and debt issuance. This initiative aims to address capital constraints in the UK life insurance sector while maintaining policyholder protection and supporting long-term economic growth.

Sectors:
Insurance & Pensions
Topics:
Prudential / Capital RequirementsAuthorisation & Licensing
Insurance
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🇬🇧 PRA Policy high

PS17/25 – Matching Adjustment Investment Accelerator

Policy statement 17/25

AI Analysis

PS17/25 establishes the **Matching Adjustment Investment Accelerator (MAIA) framework**, enabling PRA-regulated insurers to regularize and expand their use of matching adjustment (MA) in calculating capital requirements for certain long-duration insurance liabilities. This framework is significant because it provides a structured pathway for firms to optimize capital efficiency while maintaining prudential safeguards through exposure limits, eligibility assessments, and breach remediation mechanisms.

Sectors:
Insurance & PensionsCapital Markets & Trading
Topics:
Prudential / Capital RequirementsReporting & DisclosureOperational Resilience / Outsourcing
Insurance
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🇬🇧 PRA Consultation low

LIAC02/25 – Low Impact Amendments Consultation October 2025

The PRA has published LIAC02/25, a consultation on proposed low impact amendments to rules and policy.

AI Analysis

The PRA's LIAC02/25 consultation, published on 16 October 2025, proposes low-impact amendments to its Rulebook and policy materials, including technical fixes, conditional disapplications, and miscellaneous corrections to enhance accuracy and align with prior policies. These changes matter for PRA-regulated firms as they ensure regulatory consistency with minimal operational burden, with most taking effect in late 2025 or early 2026 following the consultation period. #

Sectors:
Insurance & PensionsBanking & Credit
Topics:
Prudential / Capital RequirementsReporting & Disclosure
InsuranceBankAll Firms
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🇬🇧 PRA Policy high

PS15/25 – Closing liquidity reporting gaps and streamlining Standard Formula reporting

Policy statement 15/25

AI Analysis

PS15/25 introduces **new liquidity risk reporting requirements for major UK insurance firms**, closing data gaps identified during the March 2020 "dash for cash" and September 2022 LDI crisis. The policy mandates four new reporting templates for firms with significant derivatives or securities lending exposure, with implementation deferred to **30 September 2026** to allow adequate preparation time.

Sectors:
Insurance & Pensions
Topics:
Prudential / Capital RequirementsReporting & DisclosureOperational Resilience / Outsourcing
Insurance
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🇬🇧 PRA Guidance high

SS15/16 – Solvency II: Monitoring model drift and standard formula SCR reporting for firms with permission to use an internal model

Supervisory Statement 15/16

AI Analysis

SS15/16 establishes the PRA's expectations for UK insurance firms using approved internal models to calculate their Solvency Capital Requirement (SCR), requiring them to maintain the ability to calculate SCR using the standard formula and submit standard formula SCR calculations for regulatory monitoring purposes. This guidance is critical because it ensures capital requirements remain reflective of actual firm risks and protects policyholder security by preventing model drift—where internal models diverge from underlying risk realities over time.

Sectors:
Insurance & Pensions
Topics:
Prudential / Capital RequirementsReporting & Disclosure
Insurance
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🇬🇧 PRA Consultation high

CP20/25 – Insurance third-country branches: policy implementation and other updates

Consultation paper 20/25

AI Analysis

CP20/25 is a PRA consultation paper published on 16 September 2025 that proposes targeted updates to the regulatory framework governing third-country insurance branches operating in the UK. The consultation addresses inconsistencies introduced during the Solvency II review, clarifies supervisory expectations, and increases the subsidiarisation threshold—matters that directly affect the operational and compliance costs of non-UK insurers seeking to maintain branch operations rather than establish subsidiaries in the UK market.

Sectors:
Insurance & Pensions
Topics:
Prudential / Capital RequirementsAuthorisation & LicensingReporting & Disclosure
Insurance
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