Key Regulatory Topics: Weekly Update - 15 September 2017 – 21 September 2017
22 September 2017
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. If you would like to receive this update by email please contact RegulatoryChange@allenovery.com.
CAPITAL MARKETS AND MARKET INFRASTRUCTURE
CMA issues statement on investment consultancy market investigation
FCA occasional paper on ageing population and financial services
Consumer deposit protection – FSCS announces new industry-wide agreement to raise consumer awareness
FSCS – PRA updates supervisory statement on depositor and dormant account protection
EC adopts Delegated Regulations supplementing IDD on distribution of insurance-based investment products
Insurance markets – IAIS application paper on regulation and supervision MCCOs on increasing access
On 19 September, the IAIS published an application paper on the regulation and supervision of mutuals, co-operatives and community-based organisations (MCCOs) in increasing access to insurance markets. The paper explains that insurance supervisors are increasingly looking for an appropriate balance between regulation, enhancing access to insurance services and protecting policyholders. The paper is intended to assist those supervisors to understand how the use of MCCOs might help in enhancing access to insurance. It explains the important role MCCOs play in inclusive insurance markets and includes descriptions and examples of how MCCOs operate and are supervised from both developed and developing market perspectives (see section 2). It provides guidance (in section 3) on the way the ICPs could be applied in a proportionate manner to help remove unnecessary barriers caused by disproportionate regulation and supervision, while at the same time ensuring appropriate policyholder protection. The paper was published by the IAIS financial inclusion working group, and was adopted by the IAIS Executive Committee on 12 September.