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The failings occurred during the period between September 2014 and December 2019.
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The opportunity to set in statute meaningful powers and metrics to hold financial regulators accountable will reach a tipping point in the coming weeks, as the Financial Services and Markets Bill progresses through the next parliamentary stages.
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The watchdog is seeking views on topics such as where there are barriers to the safe and widespread adoption of AI.
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The regulator is now reviewing a voluntary objective to determine 85% of approved person applications in five days.
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Darren Lednor will become managing agent, while Mark Pickett will be active underwriter.
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UK insurers have now paid out £1.2bn in final settlements for claims relating to pandemic closures.
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The MGA received regulatory approval for its new London and Dublin companies.
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Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.
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The PRA’s executive director of prudential policy Vicky Saporta has outlined how a new competitiveness objective will be put into practice.
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Financial Secretary Andrew Griffith will have oversight of reforms to FCA and PRA operations, but how far he’ll take that mandate is an open question.
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As financial secretary, Andrew Griffith MP will take responsibility for regulatory reforms, including to Solvency II, as well as the City’s competitiveness.
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The FCA’s CEO said the regulator is making progress on clearing the backlog, in a response to a Treasury Committee report on regulation and accountability.