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The UK’s insurance sector is facing one of its most significant regulatory shifts since the 2008 financial crisis. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are consulting on proposals to simplify rules, speed up approvals, and free up capital to make the UK a more competitive financial hub. But these changes come with risks.
Insurers underwrite risks and pay claims, while intermediaries, like brokers, arrange policies but do not carry the risk. Insurers are regulated by both the PRA and FCA, whereas intermediaries are only regulated by the FCA, creating dual regulation. Since the 2008 financial crisis, the UK moved from strict, rule-based regulation to an outcomes-based approach, requiring firms to achieve good consumer outcomes without following rigid prescriptions.
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