20 years: CA & educator
The regulation of insurance companies has developed from the FSMA 2000 to the concept of ‘twin peaks’ regulation in 2010. Today the responsibility for regulation is split between the FCA (Financial Conduct Authority), the PRA (Prudential Regulation Authority) and the FPC (Financial Policy Committee).
The regulation of insurance companies has developed from the FSMA 2000 to the concept of ‘twin peaks’ regulation in 2010. Today the responsibility for regulation is split between the FCA (Financial Conduct Authority), the PRA (Prudential Regulation Authority) and the FPC (Financial Policy Committee).
10 mins 45 secs
As an essential element of the world of financial services, insurance companies are subject to strict regulatory governance in order to ensure their continuity and limit the risk of a major failure having a systemic impact on the system. In 2010 the UK regulatory landscape was changed with the implementation of the ‘twin peaks’ of governance by the Bank of England and the UK Treasury. Today the regulatory responsibilities are split between the FCA, PRA and the FPC.
Key learning objectives:
Understand the ‘twin peaks’ of regulation in financial services
Outline the roles of the FCA, the PRA and the FPC
Define Solvency II
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