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  • Insurance News, Articles and Resources

    Our experts deliver compelling insights on recent trends and best practices in managing insurance compliance and you can quickly find expert commentary and compliance insights into the issues that impact your daily work as well as the industry overall.

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    Regulatory test-bed for financial innovation proves its worth
    (Published May 22, 2017) The Financial Conduct Authority is playing its part in encouraging innovation in financial services, and fintechs appear to be even more interested in the UK now than they were before the Brexit referendum, as Michael Imeson explains.
    Four years in: Has the U.K. FCA’s early enforcement approach paid off?
    (Published May 16, 2017) In April 2013, the Financial Conduct Authority (FCA) took over from the Financial Services Authority (FSA) as conduct regulator for the U.K. It shares overall regulatory responsibility of the financial services industry with the Prudential Regulation Authority (PRA) under a twin-peaks approach. Now four years down the line are we seeing a reduction in the number and value of financial penalties being issued; and has the FCA’s approach to heavily punish firms and individuals in its early years of regulatory oversight started to pay dividends; or is it just changing tack completely; and is there a solution for continual failure of firms to satisfy FCA ‘Principle for Business 3: management and control’? Mary Stevens takes a closer look.
    Reading the Article 50 tea leaves…where is compliance heading in the next two years?
    (Published May 12, 2017) Now that Article 50 has been triggered and the wrangling has begun, compliance officers might reasonably ask if there will be a reprieve from the flood of financial regulation. Selwyn Parker reviews.
    Keep Calm UK and Carry On – Regulation after Brexit
    (Published April 24, 2017) Goodness knows there’s a lot going on at the moment for the UK that can keep even the most optimistic of us from our sleep. Climate change, the world political situation, Brexit, and the fact that we don’t know who the next Doctor Who will be can all be causes for concern during the dark reaches of the night. Every day’s news seems to bring something else to add to the worry-party. Renowned wit Dorothy Parker was said to react to the sound of her doorbell with the phrase “What fresh hell is this?” – an understandable sentiment for our difficult times! Sue Berwick comments.
    The CPM Edge: Why Compliance Program Management Is Right For You White Paper
    (Published April 11, 2017) Compliance failures during regulatory exams can come from a variety of sources, whether it’s incomplete requirements knowledge, a broken regulatory change management process, or just inefficient policies and procedures. This whitepaper details how an all-encompassing “Compliance Program Management” system can help you address such gaps, and ultimately achieve regulatory readiness and accountability across your organization.
    Europe’s AML regulations…more changes on the horizon?
    (Published April 17, 2017) Just when you thought it was all over, Europe’s anti-money laundering regulations are likely to change again. The 4th AML Directive comes into effect this June, but already the authorities are talking about future amendments. Michael Imeson explains.
    Plea bargaining, British-style – Bank of England introduces discounts for offenders
    (Published April 5, 2017) As the scale of fines imposed by the Prudential Regulation Authority (PRA) attest, the watchdog says one thing and does another. When the PRA assumed its enforcement powers four years ago, it adopted a conciliatory tone. The key term it used was “ex-ante remediation”, which probably sent compliance officers scurrying to consult their legal dictionaries. Selwyn Parker reports.
    Insurers Advised to Take Immediate Action on NY Cybersecurity Regulation
    (Published March 24,2017) On March 1, 2017, New York State Department of Financial Services (DFS) implemented benchmark regulations governing financial institutions and cybersecurity. Based on the serious nature of cyber security breaches that risk consumers’ personal information as well as insurers’ information technology (IT) systems, most financial service entities doing business in New York, including insurance companies, affiliates and third party service providers, must comply with comprehensive new minimum cyber security standards within a tight time frame. Insurers not doing business in New York are also advised to pay close attention to these regulations as they are likely to have a far-reaching impact beyond the state line.
    Reforming and strengthening the UK enforcement process, and recent developments in applying the conduct regulation toolkit
    (Published March 22, 2017) Following consultation during 2016 on responding to and implementing the ‘Enforcement Review and the Green Report’ both the UK’s financial-services regulators (PRA & FCA) have issued a combined policy publication setting-out their resulting views and intended implementation aims and plans. Steve Blackbourn reports.
    Britain’s registry of beneficial owners – a flawed masterpiece?
    (Published March 20, 2017) Last year, the United Kingdom became the first nation in the world to have a publicly available register of beneficial owners of companies. The whole project, however, has been jeopardised by the departure of former premier David Cameron from politics and widespread cheating. Chris Hamblin takes a closer look.
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