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.
We also see major developments on the horizon within the ESG and tech spaces, including an increasing focus on operational resilience and the use of critical third parties, the use of AI technology by insurers and intermediaries, and the introduction of new anti-greenwashing rules.
We explore these changes, and many more, within the context of our five key themes for 2024:
- Post-Brexit reform of the UK regulatory framework
- PRA focus on capital management
- Corporate and product governance
- Digitisation and operational resilience
- “Green” initiatives
To access our full publication, please click here.
For further information, please contact:
Geoffrey Maddock, Partner, Herbert Smith Freehills
geoffrey.maddock@hsf.com
