BDO UK: Insurance Regulatory Update

February 2020

2020 has stared relatively quietly from a regulatory point of view. The theme of the month appears to be data and its use, with the PRA setting out its proposals for quarterly reporting of insurance data, the FCA revising its Data strategy and the Bank of England issuing a discussion paper on improving the timeliness and effectiveness of data collection from firms across the financial system. The FCA also issued an impact assessment on the extension of the SM&CR to the 47,000 solo-regulated firms which includes estimates for the one-off and ongoing compliance costs for individual firms and the sector as a whole.