Next year, the Prudential Regulation Authority (PRA) will take up its responsibilities as part of the new approach to financial regulation in the United Kingdom. This document sets out the PRA’s intended approach towards regulating insurers.
This publication has been produced by the Bank of England and the Financial Services Authority. Its aim is to set out how the Prudential Regulation Authority, currently expected to be created by the end of 2012 as a subsidiary of the Bank of England, will approach the supervision of insurers.
The CII reviews the government's reform of the UK‟s regulatory architecture. The FSA is to be disbanded and a "twin peaks‟ approach adopted whereby the Bank of England would have responsibility for macroeconomic stability. The article reviews the implications for the insurance sector.
By 2012 two new regulatory bodies will have emerged to take the place of the FSA - with the Bank of England firmly at the helm. This paper argues that in future, supervisors must give more weight to the importance of cultures and behaviours when assessing the risks posed by firms to consumers.
A new approach to financial regulation: the blueprint for reform – draft legislation to overhaul FSA
On June 16, the Government published its White Paper and draft Bill to change the nature of financial regulation in the UK. This guide provides an overview and timeline for the legislation's implementation, plus links to relevant government and FSA websites.