A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next couple of months.
JANUARY
Financial Services Regulatory Grid: Financial Services Regulatory Initiatives Forum to publish latest version of its Regulatory Initiatives Grid.
1
IFRS 17: IFRS 17 comes into effect for annual reporting periods beginning on or after 1 January 2023.
Climate change: FCA requirements for climate related disclosures by asset managers, life insurers and FCA regulated pension providers (as per final rules published Dec 2021) extended to remainder of in-scope firms from 1 Jan 2023.
6
NFTs and Blockchain: Deadline for comments on DCSM inquiry into the operation, risks, and benefits of non-fungible tokens (NFTs) and the wider blockchain.
Operational resilience: Closing date for IAIS consultation on issues impacting operational resilience in the insurance sector.
10
Financial Services and Markets Bill: Second reading in the House of Lords.
15
Big tech: FCA is inviting responses to discussion paper (DP22/5) by 15 January 2023.
25
ESG: Closing date for FCA consultation paper on sustainability disclosure requirements (SDR) and investment labels.
FEBRUARY
AI: FCA Discussion Paper DP22/14 closes.
24
The Co-operatives, Mutuals and Friendly Societies Bill: next relevant date is 24 February 2023 for the House of Commons Report Stage.
28
ESG: public consultation on TPT disclosure framework and implementation guidance closes
Additional developments on the horizon for 2023
Diversity: FCA/PRA policy statement due.
Financial Services and Markets Bill: Expected to be passed into law early 2023.
Solvency UK: the Government and PRA to publish further details of the new Solvency UK regime.
Insurer recovery and resolution planning: PRA to develop its approach to insurer recovery and resolution planning as per Dear CEO Letter 15 December 2022.
Insurance for multi-occupancy buildings: FCA conducting further analysis of issues highlighted in their September 2022 report on insurance for multi-occupancy buildings
Vulnerable customers: The FCA intends to evaluate what action firms have taken and whether it has seen improvements in the outcomes experienced by vulnerable customers. It will also consider how the financial services industry is adapting to meet the needs of older customers.
Dates are subject to change but the dates included in this table are correct as at the date of publication.
Authored by the Hogan Lovells London Insurance team.
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