Regulators challenge two thirds of GI firms on operational plans
Two thirds of general insurance firms have been challenged by regulators on their work to come into line with operational resilience regulations during the last 12 months, a benchmarking exercise by Sicsic Advisory and Oric International has revealed.
The regulations require firms to ensure key business services are able to withstand operational disruptions or recover from them within predetermined durations termed ‘impact tolerances’.
Since rules
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
Regulator delays general insurance stress test
The Prudential Regulation Authority has postponed the dynamic general insurance stress test launch as switching from Solvency II to Solvency UK reporting requirements mean providers have enough on their plate in 2025.
Insurance Post’s Christmas Special Podcast
Post content director Jonathan Swift, news editor Scott McGee and Emma Ann Hughes, editor, ditch the usual format of our publication’s award-winning podcast to deliver a holly, jolly Christmas Special.
FCA reviews leave insurance firms with hefty bill
A recent freedom of information request by Sicsic Advisory has revealed insurers and intermediaries paid a total of £2.7m for FCA-commissioned skilled persons reviews in the latest financial year.
Transport Secretary Haigh quits over phone offence
Louise Haigh has resigned as transport secretary after pleading guilty to a criminal offence related to incorrectly telling police that a work mobile phone was stolen in 2013.
Insurer CEOs focusing on cost cutting rather than diversity
Reboot’s 2024 Race to Equality report has found that budget cuts are the biggest contributing factor to the slowing down or silencing of diversity efforts.
Why the regulator shouldn’t be painted as a panto villain
James Daley, managing director of Fairer Finance, reacts to recent rabble rousing calls for a regulatory bonfire and urges the industry needs to get behind the watchdog rather than painting them as the panto villain.
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”.