The PRA on “gold plating” Solvency II; and its expectations of non-executive directors

On 22 January 2015, Paul Fisher, the Deputy Head of the PRA, gave a speech at the Westminster Business Forum. Paul Fisher has been an academic and a long-term central banker.  He’s also been acting as the PRA’s Executive Director of Insurance since mid-2014, when Julian Adams left. In his speech, Paul […]

The PRA’s current position on Part VII transfers of insurance business – the impact of Solvency II

On 21 January 2015, the PRA published a letter which explains the approach it will take to Part VII transfers of insurance business in 2015. The letter is interesting, because it seems to confirm what market participants have long expected – that “a significant number of firms are seeking to complete […]

Insurance Europe responds to publication of Solvency II Delegated Acts – a useful reminder that nothing’s finished, even when it’s done

Insurance Europe has welcomed the publication and coming into force of the Solvency II Delegated Regulation (our prior blog is here), with a gentle (but very useful reminder) that nothing’s finished, even when it’s done.

Solvency II Commission Delegated Regulation comes into force

On 17 January 2015, the European Commission’s Solvency II Delegated Regulation (2015/35) was published in the Official Journal of the European Union. The Regulation came into force on 18 January 2015, and it is now “directly applicable” to (a) the “competent authorities” of the Member States of the European Economic Area; and […]

Bitstamp, the Financial Ombudsman Service and the Financial Services Compensation Scheme

Bitstamp is a UK headquartered, web-based, Bitcoin exchange. It enables its customers to use fiat currency to buy Bitcoins; before transferring them to others, or holding them as a potential investment. Late on 4 January 2015, some of Bitstamp’s operational wallets were compromised and up to 19,000 Bitcoins, worth approximately […]

Will the UK and Europe Begin to Regulate Bitcoins and Other Virtual, Digital and Crypto-Currencies in 2015?

On 13 December 2013, the European Banking Authority warned the public about the risks of buying, holding and trading virtual currencies: “consumers are not protected through regulation when using virtual currencies … and may be at risk of losing their money”. The EBA added that, “the ‘digital wallets’ containing consumers’ […]