Bank of England’s PRA sets out new post Brexit Solvency UK details in bid to unlock investment June 29, 2023 Britain’s main financial watchdog has set out a raft of changes to the EU’s Solvency II regime to improve the competitiveness of the UK insurance market and unlock investment in the economy. In an announcement this morning, the Prudential Regulation Authority (PRA) provided more detail on how it will make adapt the EU’s Solvency II [...]
Rishi Sunak should cut national insurance and make investment relief permanent, report argues June 28, 2023 Prime Minister Rishi Sunak and Chancellor Jeremy Hunt should cut companies’ national insurance contributions and make the temporary business investment tax relief permanent, an influential think tank has argued in a radical blueprint to overhaul the UK’s tax regime. Employers’ should be subjected to a 12.8 per cent national insurance levy, one percentage point lower [...]
FTSE 100 close: Asia stock surge lifts London index as Wise soars 16 per cent June 27, 2023 London’s FTSE 100 regained ground today, taking its lead from a decent overnight session in Asia that was aided by Chinese lawmakers signalling economic support measures are on the way. The capital’s premier index jumped 0.11 per cent to 7,461.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
Industry must avoid return to ‘Wild West’ with ultra-cheap deals, warns energy boss June 27, 2023 Telecom Plus - which trades as Utility Warehouse - has announced record revenues and profits for its bundled household services arm.
The Notebook: Sir Rocco Forte on the hated tourist tax, counteracting climate hysteria and Boris Johnson’s legacy June 26, 2023 The Notebook is a column where interesting people say interesting things. Today, it’s hotel industry giant Sir Rocco Forte, chairman of Rocco Forte Hotels My hotels in Italy, Germany and Belgium are booming. But occupancy in London is not what it was last year nor what we saw pre-pandemic. Official statistics bear this out, showing [...]
UK motor insurers issued worst performance in a decade last year – and it’s not looking much better for 2023 June 26, 2023 UK motor insurers delivered their worst performance in a decade last year, new data has revealed, as inflation radically jacked up the cost of claims. Car insurers’ net combined ratio (NCR), which shows claims and costs as a proportion of premiums, hit 109.5 per cent in 2022, according to new data from EY released today. [...]
Bank of England tells insurers to brace for persistent ‘claims inflation’ June 23, 2023 Insurers must rigorously assess the impact on their solvency of the rising cost of settling car, property and other claims and ensure they have sufficient reserves, the Bank of England told the sector on Friday.
The Isle of Man and the City of London are linked by a shared financial future June 23, 2023 It might look like the Isle of Man and the City of London have nothing in common, but mutual financial cooperation is actually the way forward so that the whole country can benefit, writes Michael Crowe
US mid-tier banks set to face tighter capital requirements following SVB collapse June 22, 2023 Mid-tier banks in the US are set to face tighter capital rules as regulators respond to the near collapse of the regional banking system earlier this year. Chair of the Federal Deposit Insurance Commission (FDIC) Martin Grueberg said regulators will seek public comment on “changes to the US capital framework”. The proposals will come as [...]
Shadow banks need ‘increased resilience’ to avoid financial stability concerns, Bank of England warns June 21, 2023 The Bank of England’s Lee Foulger warned there needed to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, a director, financial stability, strategy and risk. said “it is no surprise that over that time [...]