https://www.fca.org.uk/news/press-releases/fca-finds-covid-19-pandemic-leaves-over-quarter-uk-adults-low-financial-resilience The FCA has released its latest Financial Lives survey (FLS), looking at consumers’ financial situations, the financial products they choose and their experiences of engaging with financial services firms. The FCA concluded its FLS research in February, and ran an extra survey in October in order to understand the impact of the Covid-19 pandemic on… Continue reading Covid-19 leaves over 25% of UK adults with low financial resilience
Category: News and Think Pieces
MFSA’s Supervisory Priorities for 2021
DECEMBER 17, 2020 Today, the Malta Financial Services Authority published its Supervisory Priorities for 2021. This detailed document provides updates on the areas of focus which had been identified for 2020 and sets out the priorities for the upcoming year. Five cross-sectoral priorities have been identified, namely: [i] Corporate Governance and Culture; [ii] Financial Crime Compliance;… Continue reading MFSA’s Supervisory Priorities for 2021
MFSA Document on ICT Risk & Cyber Supervision
JANUARY 28, 2021Share On 28 January 2021, the Malta Financial Services Authority issued the third volume of ‘The Nature and Art of Financial Supervision’ series, focusing on ICT Risk and Cybersecurity Supervision. This document provides background on ICT risk and cybersecurity, including the applicable legal and regulatory framework, and the work of the MFSA’s Supervisory… Continue reading MFSA Document on ICT Risk & Cyber Supervision
MFSA Stakeholder Outreach
MFSA Webinar for Tied Insurance Intermediaries FEBRUARY 05, 2021 Over 300 Tied Insurance Intermediaries participated in a webinar on the regulatory requirements that they are subject to. The webinar is part of the MFSA’s ongoing stakeholder outreach, which has gone unabated, despite the ongoing pandemic. Upon introducing the webinar, Emily Benson, Head of Conduct Supervision… Continue reading MFSA Stakeholder Outreach
MFSA Warning – Hillwood Limited Insurance – Clone
FEBRUARY 12, 2021 The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of an entity operating under the name of Hillwood Limited Insurance Co Ltd (“the entity”) which has an internet presence at https://www.hillwoodlimited.com/. This website is making unauthorised use of a similar name and reference to the registered office address of a Maltese registered… Continue reading MFSA Warning – Hillwood Limited Insurance – Clone
IFRS17: Rendering Credit Rating Agencies Obsolete?
Introduction A recent piece by Insurance Europe highlighted that The Solvency II risk margin currently ties up around €190bn of EU insurers’ capital asserting that, “This is unnecessarily high and reduces insurers’ capacity to take on risks and to invest in the economy.” There are always two sides to a coin and arguments in favour… Continue reading IFRS17: Rendering Credit Rating Agencies Obsolete?
FCA APPROACH TO AUTHORISING BRANCHES OF INTERNATIONAL FIRMS
Source: https://insurancecompliance.co.uk/news/fca-approach-to-authorising-branches-of-international-firms/ February 2021 The FCA has explained, in a recent publication, how it will assess international firms when they apply for authorisation to operate in the UK market. This should help international firms understand the UK’s regulatory expectations and how to manage risks appropriately when providing regulated financial services in the UK. Firms seeking… Continue reading FCA APPROACH TO AUTHORISING BRANCHES OF INTERNATIONAL FIRMS
DAC 6: Captives in Murky Water
Released on the Cutts Watson website on 15th January 2021 The OECD ‘Transfer Pricing Guidance on Financial Transactions’ Report in February 2020 raises a justification for captives that is unrelated to tax i.e. in managing intra-group risks in a more economically feasible way than that provided by the conventional insurance market. However, from a corporate… Continue reading DAC 6: Captives in Murky Water