PRA Dear CEO letter – Contingency planning for the UK’s withdrawal from the EU
In light of the government’s decision to trigger Article 50 and exit the EU, Sam Woods,deputy governor for prudential regulation and CEO of the PRA, has sent a letter concerning contingency planning to the CEOs and Branch Managers of banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU.
Mr Woods states that the purpose of the letter is to ensure all firms are making, and stand ready to execute in good time should the need arise, contingency plans for the full range of possible scenarios. The Financial Policy Committee is to oversee plans to mitigate risks to financial stability.
The PRA will use the responses as an input to the Bank of England’s own contingency planning and will share relevant information with the FCA. Responses are due by Friday
14 July 2017.
The letter can be accessed by visiting: http://bit.ly/2sAoSVV
The CII takes a look at what’s new on the policy and public affairs front this month
The European Insurance and Occupational Pensions Authority (EIOPA) has drafted a suggested template which is designed to help consumers make more informed decisions.
On 1 April 2017, new rules came into effect that will increase transparency and engagement at renewal in general insurance markets.