The Labour Government has laid out an ambitious plan for the insurance industry as part of its broader financial services strategy. In her first Mansion House speech, Rachel Reeves identified the insurance and reinsurance sector as one of five "priority growth opportunities" for the government and a key focus of its Financial Services Growth & Competitiveness Strategy, which will be released this spring.
Aligned with this aim, the government expects the FCA and PRA to speed up adoption of their secondary objective of facilitating growth and competitiveness, leaving the regulators with a difficult balance to strike between the government's economic ambitions and their other obligations to safeguard markets and customers. Incorporating these demands into their plans means that the regulators will each have a full agenda in 2025.
In our annual regulatory preview, we discuss some of the key areas for firms to keep an eye on in 2025.
To read the full briefing, please click on the link below.
Key contacts
Grant Murtagh
Partner, London
Alison Matthews
Consultant, London
Barnaby Hinnigan
Partner, London
Geoffrey Maddock
Consultant, London
Hywel Jenkins
Partner, London
Julia Danskin
Senior Associate, London
Tim Coorey
Senior Associate , Sydney
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.