Our benchmarking report examines how group actuarial functions in large European (re)insurance groups compare in terms of organisation, resources, responsibilities, governance and technology.
In the last quarter of 2026, financial services firms continue to navigate a rapidly evolving landscape shaped by regulatory change, technological innovation, risk management priorities and a heightened focus on operational resilience. Our quarterly financial services regulatory newsletter provides a comprehensive overview of topics relevant to firms operating across the UK financial services sector.
Physical climate risk assessment has matured considerably in recent years.
What changes when Artificial Intelligence (AI) starts taking part in financial services decisions and operations.
The FCA concluded its market study of pure protection distribution and issued its final report at the end of September.
Technical compliance alone does not give leaders confidence that tax governance and controls work as intended across the organisation. A tax internal audit provides independent tax assurance by assessing how tax risks are identified, owned, controlled and reported.
As insurers and intermediaries diversify beyond their core activities, the FRS 102 revenue recognition changes have become increasingly relevant. Firms will need to assess the new requirements and determine whether updates to their accounting policies, presentation and disclosures are required.
AI operationalisation is transforming banking and insurance, enabling organisations to run AI reliably, govern decisions, and explain outcomes.
From building an implementation evidence pack to operationalising SS5/25, everything you need to know when preparing for SS5/25.
Model Risk Management (MRM) was built to control models. The next decade will require us to control decisions.
While legal challenges have delayed the implementation of the FCA's motor finance consumer redress scheme, firms should use this period to strengthen operational readiness, refine contingency plans and address wider regulatory expectations.
Although the FCA's latest feedback is aimed primarily at lenders, it has important implications for dealers. With firms expected to continue preparing despite ongoing legal challenges, dealers should take steps now to assess records, strengthen processes and prepare for future information requests.
August saw significant developments in AML supervision, sanctions compliance and corporate transparency. Regulators increased scrutiny of higher-risk firms, reinforced sanctions obligations through enforcement action and continued to strengthen Companies House reforms aimed at tackling economic crime.
Since introducing the Consumer Duty, the FCA has continued to publish guidance, research findings, and examples of good and poor practice.
The FCA's second edition of Enforcement Watch provides insight into how the regulator is using both supervision and enforcement powers to drive better consumer outcomes under the Consumer Duty.
July saw significant regulatory developments across virtual assets, DeFi, AML controls and APP scam reimbursement, with key updates highlighting evolving risks, regulatory expectations and industry performance.
In the third quarter of 2026, our experts commented on several key regulatory developments and industry trends. Our quarterly financial services regulatory newsletter provides a comprehensive overview of topics relevant to firms operating across the UK financial services sector.
UK financial services (FS) leaders enter the second half of 2026 with a striking duality: broad optimism about growth, tempered by a clear-eyed recognition that uncertainty is no longer a passing phase but the new operating environment.
Models sit at the heart of decision making across banking and insurance. As reliance grows, model risk has become a strategic issue, not just a technical one.
For banks and insurers, the nature of stress has changed. Risks now emerge faster, interact more closely, and escalate across financial, operational and strategic dimensions at speed. Episodes that once unfolded over months can crystallise in days.
Financial and actuarial modelling has always evolved in response to increases in scale, regulatory scrutiny and business expectation as well as advances in technology.
Liquidity risk has become a fast moving, highly visible threat across financial services. Digital models, social media and intraday pressures demand board level ownership and robust execution, offering critical lessons that extend well beyond banking.
The article explores climate scenario science, highlighting CMIP7’s changes and their relevance to financial risk management.
Despite continued economic uncertainty, Europe’s banking sector has demonstrated a notable degree of resilience.
Pressures around cyber resilience are not new for insurers. This is because firms’ vulnerability to cyber-attacks comes not only from the sensitive data that they hold, but also from the growing cyber insurance business line.
What are the common suitability gaps and how can firms strengthen advice in line with the FCA’s expectations.
New rules for operational incident and third-party reporting, are financial services firms ready?
On 3 December 2025, the Prudential Regulation Authority (PRA) published its Policy Statement (PS) 25/25[1] alongside Supervisory Statement (SS) 5/25[2].
As Artificial Intelligence (AI) adoption continues to grow in the Insurance sector, firms need to be prepared for possible changes in the corporate reporting environment.
April marked the latest step in the reform of the Senior Managers & Certification Regime (SM&CR), as regulators move to streamline the regime while preserving senior management accountability.
In June 2025, the Financial Conduct Authority (FCA) published a multi-firm review on ‘Risk management and wind-down planning at e-money and payments firms’[1].
Despite continued geopolitical, regulatory and technological uncertainty, confidence across the financial services sector remains strong. This year’s C-suite barometer points to a broadly positive outlook, with leaders remaining confident in their ability to grow, transform and manage disruption in an increasingly complex business environment.
With the release of CP 8/26, the PRA proposes to bring the regulatory capital treatment of funded reinsurance in line with economically similar assets.
Almost a year on from the operational resilience implementation deadline, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) continue to add to the framework with more structured oversight.
The Financial Conduct Authority (FCA) has recently published its Motor Finance Consumer Redress Scheme. This article sets out the key components of an automated tool that is auditable and gives the regulator confidence in its completeness, accuracy and appropriateness.
The FCA’s latest report, published on 13 March 2026, provides valuable insight into how effectively firms are meeting the consumer understanding outcome of the Consumer Duty.
The FCA sets out 2026/27 agenda to strengthen consumer guidance, enhance market resilience and promote responsible innovation across the financial sector.
For the last few years, insurers have operated within a relatively stable financial reporting environment. That stability is set to shift. The future of insurance reporting will be shaped by new accounting standards and an evolving risk landscape, both of which are expected to drive meaningful change across the industry.
The Finalised Guidance (FG)26/2 and Consultation Paper (CP)26/9 released earlier last month will shape the future of consumer redress.
The Financial Conduct Authority (FCA) published its final Motor Finance Consumer redress scheme on 30 March, marking a pivotal development for lenders and dealers/brokers in the motor finance sector. This scheme introduces several significant operational and methodological changes, reshaping the landscape of consumer compensation for historic motor finance commission arrangements.
IFRS 17 ‘Insurance Contracts’ post-implementation review and IFRS 18 ‘Presentation and Disclosure in Financial Statements’ implementation are fast approaching, and pressures around cyber resilience, AI adoption, and climate-related disclosures continue to grow. Together, these shifts are reshaping how insurers explain performance, manage risk, and meet rising regulatory and stakeholder expectations.
The International Accounting Standards Board (IASB) has proposed amendments to paragraphs 18 and 19 in IAS 28 Investments in Associates and Joint Ventures (IAS 28) to clarify when it is permissible to measure such investments at Fair Value Through Profit or Loss (FVTPL) rather than using the equity method.
A recent tentative IFRS Interpretations Committee agenda decision could give rise to systems issues for insurers, requiring them to capture information for IFRS 18 disclosure purposes for periods beginning on or after 1 January 2027 that they might not currently be capturing.
The FCA looked into how smaller mutual life insurers met the Consumer Duty and delivered good customer outcomes. It shared the findings in January 2026 - relevant to all mutuals and life insurers.
The FCA is looking into the distribution of pure protection products: term assurance, critical illness cover, income protection insurance and whole of life insurance.
The Financial Conduct Authority (FCA) published its regulatory priorities for the insurance sector to help firms understand what is expected and where to focus – it is a guide for boards and chief executives.
The insurance and actuarial profession are at a turning point. Emerging technologies - particularly AI, automation, and advanced analytics - are reshaping traditional activities and creating new possibilities.
Technology is reshaping every aspect of financial services, and actuarial modelling is no exception.
The Prudential Regulation Authority (PRA) published its supervisory priorities for 2026 in two letters, one for the UK deposit takers[1] and one for international banks[2], on 15 January 2026, outlining how it will deliver its strategic priorities for the coming year.
Investors and other stakeholders want to understand how cyber and other digital risks affect an organisation and the governance processes in place to manage these risks. We provide top tips for effective reporting on cyber risks by financial institutions in their annual report and accounts.
Our experts are hosting a webinar covering everything you need to know following the release of the new Supervisory Statement (SS) 5/25.
We outline a high-level approach for firms to consider when seeking assurance that governance, controls, and processes meet the expectations of the FCA’s proposed Motor Finance Redress Scheme.
The UK Bulk Purchase Annuity (BPA) market has experienced sustained growth, with intense competition for new business. This competitive landscape has attracted new entrants and driven innovation, but it has also intensified pressure on pricing, terms, and risk appetite.
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