Insurance and Financial Institutions Regulatory Update: Bank of England Publishes Consultation And Discussion Papers on Resolution And Resilience Issues

21 October 2014
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Key takeaways:

  • The bank of England has published three consultation papers and a discussion paper as part of the Prudential Regulation Authority’s (“PRA”) wider financial institutions resolution and reliance agenda.
  • Two of the papers set out proposed changes to policyholder and depositor protection rules in the UK.
  • The other two papers introduce proposed provisions for the ring-fencing of core-uk financial services and ensuring operational continuity for failed UK insurance firms and financial institutions.
  • The four papers request comments by 6 January 2015.