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Watch back on our Basel 3.1 webinar series, where our experts reflect on the Basel 3.1 final rules for Credit Risk and Output Floor, as well as what firms should prioritise from an operational perspective ahead of the implementation of Basel 3.1. This follows the publication of the Prudential Regulation Authority’s Basel 3.1 Policy Statement (PS9/24) in September.
In SS1/23 Model Risk Management (MRM) principles, the purpose of the Governance principle is to ensure firms have strong governance oversight with a board that promotes an MRM culture from the top through setting clear model risk appetite and clear accountability for model risk management.
Following the release of the PRA’s capital proposals in September, our experts provided an overview of the SDDT regime. This included reviewing the capital, liquidity and disclosure requirements, with a focus on the former.
The Policy Statement (PS9/24) contains the long-anticipated near-final policy proposals for Credit Risk and Output Floor under the forthcoming Basel 3.1 framework. We have outlined the key points from this Policy Statement for firms.
The proposals for the capital requirements of the Bank of England’s SDDT Regime are finally here. We have outlined the key points from this Consultation Paper. Overall, we believe that the proposals would have noticeable benefits from a cost of compliance perspective. However, the impact on overall capital requirements is unlikely to materially change, with reductions in Pillar 2B buffers offset by...
The near-final Basel 3.1 rules on Credit Risk and Output Floor are expected on 12 September 2024. Ahead of this, we think there are several areas of the Bank of England’s proposals firms should be looking out for when the final policy is published. We discuss some of these below.
The new Credit Value Adjustment (CVA) risk framework methodologies for calculating capital requirements will comprise of the Alternative Approach, the Basis Approach and the Standardised Approach.
One of the centrepieces of the revised Basel proposals is the updated Output Floor. The main aim of the Output Floor is to bring greater alignment between the capital requirements for the credit risk Standardised and Internal Models approaches.
Read our latest banking and capital markets insights.
Our aim with this article is not to detail all the areas which insurance firms will need to consider, or even the areas of greatest risk which will no doubt have already been considered and incorporated into plans and strategies, but rather to identify some areas or perspectives which internal audit functions may not yet have considered in their risk assessments.
When employees of overseas branches of UK insurance companies makes business trips to work in the UK, or otherwise host STBVs, in the first instance PAYE income tax should be applied to 100% of their earnings in real time.
The PRA’s recently published SS5/24 seeks to address concerns around the use of Funded Reinsurance (“Funded Re”) in the rapidly growing bulk purchase annuity (BPA) market, setting high expectations for the management of reinsurance counterparty risk. Firms are expected to perform gap assessments against the supervisory statement, set out remediation actions and provide other requested information...
Our forum is designed to provide our clients and prospects with relevant market updates for professionals in the insurance industry.
Climate-related disclosures have moved from voluntary to mandatory and the bar for both minimum and best practice is rising.
The insurance industry, often perceived as a bastion of tradition, is undergoing a seismic shift. Diversity, Equality and Inclusion are no longer buzzwords. It doesn’t matter which business function you work in, it is a business imperative. So, what does tangible progress actually look like?
The Financial Conduct Authority (FCA) live streamed an event on Wednesday 31 July, focusing on the impact of the Consumer Duty in its first year.
Read our latest insurance insights.
The scope of outsourcing within the realm of Asset management is substantial and on an upward trajectory. Outsourcing is expanding significantly, with asset managers increasingly exploring outsourcing not only traditional functions but also a wide range of in-house operations.
On 24 February 2024, Ukraine and the rest of the world marked the second anniversary of Russia’s invasion. Despite extensive media coverage of the war and its geopolitical and socio-economic ramifications on Europe and the rest of the world, there is an opportunity for investors to explore the potential in Ukraine.
Read our latest asset management insights.
The FCA released a consultation paper (CP 24/20) on 25 September 2024 proposing major changes to the safeguarding rules for payment and e-money firms.
The Construction Industry Scheme (‘CIS’) doesn’t just apply to construction businesses, it can also apply to non-construction businesses who spend on construction operations.
As financial services organisations increasingly focus on digital transformation, having the right expertise and skillsets is critical. However, it’s not simply a question of human capital. It requires developing a talent strategy that recognises the profound impact technology will have across the organisation.
The role of artificial intelligence (AI) in financial services continues to exercise C-suite minds. Not least, how to balance AI’s benefits to enhance the customer experience and improve back-office operations with the ethical challenges that AI presents.
Both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have highlighted Diversity and inclusion (D&I) as critical to their work on culture and governance. Benefits from D&I in the workplace include positive outcomes in risk management, good conduct, healthy working cultures and innovation.
The financial services sector is increasingly looking to technology to help tackle the rising levels of regulation they face.
Financial services organisations see digital transformation as a top priority. While the competitive landscape has been evolving following the arrival of digital-first challenger banks and fintech players, emerging technology and rising mobile service demands from tech-savvy consumers are now pushing traditional players to innovate, rethink business models and how to accelerate and scale their technology...
Optimism in the financial services sector is riding high. So why is the financial services sector so confident and what needs to happen to ensure growth aspirations remain on track?
Read the latest updates in our global financial services regulatory newsletter over on LinkedIn. Be sure to subscribe to stay in the loop.
Read our latest news and analysis on the changing markets and economic environment.
Rachel Reeves has confirmed that Labour will have to raise taxes in a bid to claw back some of the Government's £22bn debt, with changes expected to be announced in the 30 October Autumn Budget and possibly effective from this date too.
In this instalment of the FS regulatory affairs newsletter, we look back at our experts’ analysis of the regulatory developments announced in the second quarter of 2024. Our comprehensive overview covers topics relevant to firms across all sectors of Financial Services, as well as focused pieces for Banking and Insurance organisations.
In this instalment of the FS regulatory affairs newsletter, our experts have summarised the significant updates firms should be aware of in the first quarter of 2024.
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