UK insurers ‘must adapt to dual compliance burden’ as new regulators begin to flex muscles

Firms braced for duplication of compliance work amid signs that framework for regulators to share information is not working, lawyers warn


Insurers will need to change their approach to compliance in response to the UK's new ‘twin peaks' regulatory model as the compliance burden on firms is already beginning to soar, say experts.

On April 1, the Financial Services Authority (FSA) was split into two new bodies: the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). The PRA will focus on the stability of systemically important financial institutions, while the FCA will police companies' conduct towards

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