Committee questions regulators on commercial insurance and reinsurance
The Industry and Regulators Committee will scrutinise the UK’s financial regulators, the Prudential Regulation Authority and the Financial Conduct Authority, as part of its inquiry into commercial insurance and reinsurance regulation. The Committee will question whether regulatory policy is well-designed and proportionately applied to the sector, as well as discussing the speed and adaptiveness of regulatory processes and their impact on the competitiveness of the London Market. The Committee will also question whether Brexit provides an opportunity to make changes to the regulation of the London Market, and how a competitiveness objective for the UK financial regulators would function.
Possible questions include:
- Does Brexit provide opportunities to tailor the regulatory regime more closely to the circumstances of the London Market?
- Is it possible for the UK to have as nimble a regulatory framework as other jurisdictions?
- Is there scope to have a more proportionate, fast-track system to encourage start-ups into the UK market?
- How would a competitiveness objective be operationalised within the day-to-day work of the regulators?