Financial Services Industry Update - 20 March 2014

PRA POLICY DOCUMENTS (www.bankofengland.co.uk)

PRA consults on calculation of technical provisions and the use of internal models for general insurers under Solvency II

The PRA has published a consultation paper on the calculation of technical provisions and the use of internal models for general insurers under the Solvency II Directive (2009/138/EC) (CP7/14). CP7/14 looks for comments on a draft supervisory statement that is aimed at firms and groups carrying on general insurance business within the scope of Solvency II. The consultation period ends on 14 April 2014.

17 March 2014

PRA OTHER PUBLICATIONS (www.bankofengland.co.uk)

Bank of England launches strategic plan

The Bank of England (BoE) has published a press release announcing that it has launched its strategic plan following a review lasting six months. The plan will be crucial to the conduct of the BoE's day-to-day business and the execution of its expanded policy responsibilities. Implementation is planned over the next three years and provides a rigorous agenda to transform the BoE into a single, unified institution. In order to assist implementation, fifteen core initiatives have been identified and a number of changes to the BoE's organisational structure have been approved and will take effect on 1 June 2014.

19 March 2014

Nemat Shafik appointed as BoE Deputy Governor for Markets and Banking

The BoE has published a press release reporting that George Osborne, Chancellor of the Exchequer and Mark Carney, BoE Governor, have agreed to appoint Dr Nemat Shafik as BoE Deputy Governor for Markets and Banking. Her tenure will last for 5 years from 1 August 2014 and her role will predominately focus on leading the BoE's work to build fair, efficient and effective financial markets and reviewing and strengthening the BoE's markets and banking areas.

17 March 2014

BoE supervision of financial market infrastructures annual report 2014

The BoE has published its annual report on the supervision of financial market infrastructures (FMIs). It is the first such report since the BoE assumed responsibilities for central counterparties (CCPs) and securities settlement systems in April 2013. Amongst other things, the BoE will prioritise its involvement in credit and liquidity risk, recovering and resolution, operational risk management and the new payments systems regulator (PSR).

17 March 2014

PRA article on role of business model analysis in the supervision of insurers

The BoE has published an...

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