Weekly News Roundup – 19th August

The PM candidate, Liz Truss, has caused controversy this week by indicating she would merge the FCA and PRA. The potential move has been cited as ‘dangerous’, as it comes less than 15 years since the banking crisis that led to the two organisations being created. And talking about crisis…R&Q’s leadership saga continues after Phoenix Asset Management Partners called for the CEO William Spiegel to be replaced last week. Vida Capital Management is now the first investor to show their support for the current leadership.

Liz Truss derided for ‘dangerous’ report plan to merge UK financial regulators (Source: The Guardian)
The PM frontrunner intends to bring the FCA and PRA under one roof, a decision that has been heavily criticised.

Insurance Growth Report 2022 (Source: Clyde & Co)
Clyde and Co’s mid-year update indicates that ‘market sentiment remains positive -for now’ and that cyber ‘remains an opportunity and a threat’.

Capacity stabilising in GB cyber insurance market:WTW (Source: The Insurer)
WTW’s latest report indicates that insurance capacity has stabilised as new insurance capacity has entered the market and increased the first layer, compared to Q1.

Vida Capital stands behind R&Q leadership after huge criticism (Source: Insurance Business Magazine)
William Spiegel is fighting for his position as he is accused of causing R&Q to ‘deteriorate’ under his leadership.

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