PRA warns insurers on shareholder payouts and remuneration
The Prudential Regulation Authority has warned insurers to “pay close attention” to protecting policyholders and supporting the economy when considering how profits are dished out.
Sam Woods, pictured, Bank of England deputy governor and PRA CEO, yesterday wrote a Dear CEO letter to UK insurers to remind them to manage resources prudently.
Woods said: “When UK insurers’ boards
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
FCA softens enforcement transparency plans following feedback
The Financial Conduct Authority has today opened up its second phase of consultation surrounding its plans to name firms into which it opens up investigations.
FCA to reduce costs after ‘open cheque book’ feedback
The Financial Conduct Authority plans to reduce regulatory costs, in response to feedback that it treats the industry like an “open chequebook”.
Mandatory qualifications will safeguard the future of insurance
Given the regulator’s role in safeguarding consumers, Crescens George, CEO of Wiser Academy, wonders why the Financial Conduct Authority hasn't already stepped in to mandate higher qualification standards for the insurance sector.
Checking the price is right for insurance
Emma Ann Hughes examines how to prove the price is right of cover for different segments of consumers and observes it requires a whole lot more than just knowing the cost of delivering insurance products and services.
Government to consult on leasehold commission ban
In a written statement published yesterday, the Minister of State for Housing, Communities and Local Government has said the government “will go out to consultation very shortly on the detail of the Act’s ban on buildings insurance remuneration”.
ABI’s Gurga urges regulators to slash red tape
Hannah Gurga, director general of the Association of British Insurers, has urged the government and regulators to grab Alexander the Great’s sword and slash through the Gordian knot of regulation.
How to support vulnerable insurance customers
Steps insurers should take to understand the needs of customers in vulnerable circumstances and ensure their products and services are suitable are outlined in the latest Insurance Post Podcast.
UN insurance head highlights transition plan shortage
Butch Bacani, head of insurance for the United Nations Environment Programme, has said there are currently not enough underwriting transition plans in the insurance industry.