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From 1 April 2013 a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), the Bank of England is to have...

2013 marked the culmination of the FSA's Retail Distribution Review ("RDR") in the UK with new rules significantly changing the way retail investment products are marketed and sold.  The key points are: New RDR rules in force ban payments...

Since our last client briefing in January 2012, there have been several developments relating to the proposed new Solvency II regime although perhaps not as much progress as we might have expected at that time. Many steps still remain to be taken on the path...

On 7 March 2012, the FSA published Policy Statement 12/4, "Protecting With-Profits Policyholders - Feedback on CP 11/5 and Final Rules" ("PS 12/4"). It sets out a summary of responses by industry participants to CP 11/5 ("CP 11/5"),...

2011 saw a significant increase in the number of insurance business transfers under Part VII of the Financial Services and Markets Act 2000 ("FSMA"). Valuable guidance as to the factors the court should take into account when deciding whether or...

Since our last Solvency II client briefing in July 2011, there have been a number of developments in relation to the implementation of the Solvency II Level 1 Directive. This briefing provides an update on these developments and a discussion of the key outstanding...

Solvency II, the European Commission's new regime for insurance regulation, is likely to trigger a rise in M&A activity in the insurance sector because of the increasing regulatory and compliance burden it will place on insurers. Although there is continuing...

The advent of Solvency II has resulted in detailed discussions between the UK's HM Treasury ("HMT"), HM Revenue and Customs ("HMRC") and insurance industry (both general and life) as to what it means for the tax treatment of insurance companies....

On 24 February 2011 the FSA published Consultation Paper 11/5, "Protecting With-Profits Policyholders" (“CP 11/5”). It covers a variety of issues, including the terms on which new business is written, material reductions in new business, profit...

The Retail Distribution Review (RDR) is expected to have a significant impact on the way advisers, product providers and investment managers do business in the retail investment market. It aims to build trust and confidence in the market by improving the clarity...