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The new 15-strong committee is to provide underwriting guidance to the wider market.
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Reliable ESG information is increasingly important, as an estimated $33.9tn of global assets under management will consider ESG factors within three years.
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The PRA will undertake work to understand liquidity risk across insurers, after liquidity crises that have engulfed Silicon Valley Bank, Signature Bank and Credit Suisse.
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Therese Chambers and Steve Smart will share the role soon to be vacated by Mark Steward.
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The regulator has faced criticism over its approval times and operations, and it has since invested in extra staff.
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The Corporation’s sustainability director Rebekah Clements will sit on the scheme’s steering committee.
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The regulator called the descriptions of data sources used by ratings providers “particularly poor”.
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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In the Spring Budget, chancellor Jeremy Hunt said he would also look to help the AI sector prosper in the next decade.
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S&P plans to publish a capital model prototype with its revised proposals for ratings methodologies, in its latest move to seek market feedback.
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The regulator has set out priorities for monitoring climate risks for the financial system and how it will address climate-related gaps in the regulatory regime.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.