The Bank of England on Thursday began sketching out Britain’s first regulatory framework for cryptoassets, saying that although the sector remained small, its rapid growth could pose risks to financial stability in future if left unregulated. Cryptoassets have come under …
Sanctions against Russia in response to its invasion of Ukraine are “manageable” for Britain’s insurers and wider financial sector, Bank of England Deputy Governor Sam Woods said on Tuesday. Britain is banning Russian companies from the multi-billion-dollar aviation and space …
A push to make London more attractive as a global financial center after Brexit must not threaten high standards of solvency and behavior at banks, insurers and markets, the International Monetary Fund said on Wednesday. The IMF said in its …
Britain’s finance ministry said on Friday that Richard Lloyd had been appointed interim chair of the Financial Conduct Authority from June at a “pivotal” time for the watchdog as it faces internal and external challenges. Lloyd, a former head of …
The average price paid by motorists for their motor insurance in 2021 fell to its lowest level in six years according to the ABI’s latest Motor Insurance Premium Tracker. However, there is evidence that sustained cost pressures are beginning to …
Property insurers have forced “crippling costs” onto residents of apartment blocks in the aftermath of the Grenfell disaster, the U.K. government said as it requested a review of the market. Some residents in medium- and high-rise buildings have seen their …
Business closures in the UK jumped by 14% from a year ago in the fourth quarter as the coronavirus pandemic took a brutal toll. Almost every industrial group saw the number of closures rise, with the transport and storage sector …
The global pandemic has shown how vital it is for firms to understand the services they provide and to invest in their operational resilience. While COVID has accelerated the insurance industry’s digitalization, firms must strive for resilience by looking to …
The owners of high-end London restaurants The Wolseley and The Delaunay sued AXA Insurance UK Plc for as much as 4 million pounds ($5.4 million) over its failure to pay out on claims linked to the coronavirus lockdowns. Lawyers for …
The UK’s markets watchdog warned it will come down hard on struggling firms that leave customers out of pocket when they resort to legal procedures to manage their liabilities. The Financial Conduct Authority has seen an increase in the number …
