On November 14, 2024, the UK government unveiled its National Payments Vision (the Vision), a strategy designed to reshape the UK’s payments ecosystem. This Vision responds to the findings of the 2023 Future of Payments...more
11/27/2024
/ Bank of England ,
Banking Sector ,
Cybersecurity ,
Data Privacy ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
HM Treasury ,
Open Banking ,
Payment Systems ,
PRC ,
Regulatory Agenda ,
UK
Earlier this year, a dedicated policy prepared by the European Central Bank (ECB) came into effect requiring bank management bodies to broaden their collective understanding of and proficiency in identifying and dealing with...more
Rather than specifically regulating artificial intelligence (AI), the UK government has opted to rely on the existing web of laws and regulations applying to technology across a spectrum of sectors in its jurisdiction. But...more
5/13/2024
/ Artificial Intelligence ,
Cybersecurity ,
Data Privacy ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Information Commissioner's Office (ICO) ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more
3/14/2024
/ Disclosure Requirements ,
EU ,
Final Rules ,
Financial Services and Markets Act ,
Insurance Industry ,
Jurisdictional Thresholds ,
Prudential Regulation Authority (PRA) ,
Reinsurance ,
Reporting Requirements ,
Solvency II ,
UK ,
Underwriting
The primary function of an insurer is the assumption and management of insurance risk. Very commonly, this will involve an insurer passing (or ceding) risk to other (re)insurers or protection providers in the relevant market....more