UK Insurance Horizon Scanner – September and October 2022 edition

Month

Date

Expected development

September 2022

Financial Services and Markets Bill: PRA is due to publish a discussion paper on how it will implement the proposals in the Bill.

5

Data: Second reading of the Data Protection and Digital Information Bill in the House of Commons.

7

Financial Services and Markets Bill: The Bill will have its Second Reading in the House of Commons.

28

Stress test (IST 2022): Firms’ due to submit technical information. The stress test is to establish the ability of the UK’s largest insurers to withstand a major cyberattack or natural disaster.  See: PRA stress testing website and Dear CEO letter.

October

11

Insurance Special Purpose Vehicles: Deadline for responding to PRA consultation paper CP10/22 on changes to the PRA approach to authorising and supervising ISPVs.

22

Funeral plans: Transitional period ends for unauthorised funeral plan providers to wind down.

28

Mutual insurers: The Co-operatives, Mutuals and Friendly Societies Bill has its second reading in the House of Commons.

28

Future UK-EU relationship: Deadline for submitting evidence in response to the House of Lords European Affairs Committee inquiry into the future UK-EU relationship.

31

ESG - UK Stewardship Code 2020: Deadline for applications to become a signatory to the Code which sets standards for those investing money on behalf of UK savers and pensioners and those supporting them.

31

New Consumer Duty:  The Boards of firms should have scrutinised and approved implementation plans.

Season/quarter

Expected development

H2 2022

Law Commission project on conflict of laws and emerging technology: This new project is expected to begin in the second  half of 2022.

H2 2022 - 2023

New legislation outlined in the Queen’s Speech to be introduced to Parliament: Transport Bill – introducing new laws on self-driving and remotely operated vehicles and vessels.

Q3 2022

ESG: FCA due to publish FCA TCFD report on enhancing their role facilitating sustainability in financial firms and markets.

Q3 2022

Diversity: FCA/PRA to consult on diversity in financial services.

Q3/4 2022

ESG: FCA due to issue consultation paper on prudential ESG disclosures.

Q4 2022

Climate change: According to PRA report on climate-related financial risk management and the role of capital requirements the BoE will put out a "call for papers" and host a climate and capital conference in the fourth quarter of 2022. Informed by these steps and internal analysis, the BoE will publish a follow-up report on the use of capital, including a plan on how future scenario exercises after CBES might guide further work on capital.

Q4 2022

Climate change: Financial Stability Board consultation on supervisory and regulatory approaches to climate-related risks. FSB recommendations will be reported Q4 2022.