The FCA published a guidance consultation on its proposed approach to reviewing insurance business transfers schemes under Part VII of the Financial Services and Markets Act 2000 (FSMA). The document can be found here.
The FCA explains that, while the PRA leads the Part VII process, the FCA also has an active role - in particular, under section 110 of FSMA, the FCA is entitled to be heard on an application to sanction a Part VII transfer.
The proposed guidance sets out the FCA's key considerations and general expectations when reviewing a Part VII transfer and is open for comments until 15 August 2017.
We offer Insurance Firms advice and solutions in Compliance and Risk. From reviews and projects to regulatory authorisation and applications, our consultants are on hand to help you understand, identify and manage your regulatory requirements.
We specialise in delivering a bespoke recruitment service, with particular focus on Compliance, Risk and Audit roles. We offer a range of recruitment solutions covering: Permanent Hire, Contract and Consultancy placements.