In the latest instalment of his insurance column for Practical Law, Grant Murtagh considers four recent developments in the UK insurance industry.
Grant starts with the PRA’s Business Plan 2023/24, which gives some insight into how the PRA is determining its priorities.
He then considers particular aspects of two of these priorities. HM Treasury consulted on the proposed resolution and recovery regime for insurers, and Grant looks at some of the points that will need to be addressed. The PRA has also made it clear that it is looking closely at the bulk annuity sector, and Grant considers some recent PRA comments with that in mind.
Finally, Grant looks at one of the main messages the FCA has sent to firms in the run up to the consumer duty taking effect.
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Grant Murtagh, Partner, Herbert Smith Freehills