Insurers Targeted in UK Supervisory Authorities’ Latest Effort to Develop Formal Operational Resilience Regulations

In December 2019, the Bank of England (BOE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a series of consultation papers, which highlighted that the supervisory authorities made no qualms about their expectations: U.K. Solvency II firms, including the Society of Lloyd’s and its managing general agents (collectively ‘‘insurers’’), are expected to deliver improvements to their operational resilience and will be held accountable if they fall short of proposed standards.

This article highlights what makes global insurers the latest regulatory effort to strengthen the operational resilience of the U.K.’s financial services sector.