Weekly News Update – 22nd March

The FCA has revealed an ambitious business plan for the coming year to support its endeavour to “achieve better outcomes for consumers and markets”.  A new report from WTW and Clyde & Co has seen health and safety surpass cyber attacks as the top risk for D&Os, with some of those surveyed “citing the rise in mental health as a considerable concern in their organisations”.

FCA sets out its business plan for the year ahead: reaction (Source: IFA Magazine)
The regulator looks to prioritise issues including; “protecting consumers by testing if firms are meeting the high standards set by the Consumer Duty”, “contributing to UK competitiveness and growth by improving the attractiveness and reach of the UK wholesale markets” and “automating more of its analytics tools to help detect and respond to consumer harms faster”.

Belgian insurer Ageas abandons pursuit of UK rival Direct Line (Source: Reuters)
Following Direct Line’s rejection of a revised $4 billion takeover bid, Ageas has decided to “bow out altogether”.

Health and safety emerges as top risk facing global directors according to WTW’s and Clyde & Co’s latest survey (Source: WTW)
84% of global directors surveyed ranked health and safety as very or extremely important, pipping cyber-attacks to the top spot.

Global insurance broker’s outlook stable for 2024 on strong organic growth: Moody’s (Source: Reinsurance News)
Moody’s has predicted a stable outlook for the broker sector due to “constructive global economic growth, a favourable commercial property & casualty (P&C), and stable EBITDA margins”.

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