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The government has also resisted any new accountability measures that would impact the regulators’ independence, in a response to an MPs’ report.
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The International Underwriting Association’s CEO Dave Matcham believes certain Blueprint Two projects can be vital in attracting more business to the London market.
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The ratings agency placed the carrier’s ratings on negative review earlier this year, prompting broker and cedant scrutiny.
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Plus the latest on the FCA backlog, exclusive people moves and all the top news of the week.
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A Freedom of Information Act request has uncovered delays insurance firms face when waiting for FCA case officers to start work on approvals.
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The leadership contender is said to be privately critical of the FCA, which has been beset by strikes and delays.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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In a letter to the Treasury Committee, Bank of England Governor Andrew Bailey said the bank does support proposals to enhance regulatory accountability.
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The new rules are designed to ensure principal firms enhance oversight of systems and controls across appointed representatives.
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The watchdog will also base its digital delivery centre in the Yorkshire city.
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The ratings agency said the proposed restructure posed execution risk, but regulatory approval would alleviate short-term uncertainty.
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The Financial Conduct Authority and Financial Reporting Council have published two reports on findings from a review of listed firms’ climate disclosures.