The Labour Government has laid out an ambitious plan for the insurance industry as part of its broader financial services strategy. In her first Mansion House speech, Rachel Reeves identified the insurance and reinsurance sector as one of five "priority growth opportunities" for the government and a key focus of its Financial Services Growth & Competitiveness Strategy, which will be released this spring.
Aligned with this aim, the government expects the FCA and PRA to speed up adoption of their secondary objective of facilitating growth and competitiveness, leaving the regulators with a difficult balance to strike between the government's economic ambitions and their other obligations to safeguard markets and customers. Incorporating these demands into their plans means that the regulators will each have a full agenda in 2025.
In our annual regulatory preview, we discuss some of the key areas for firms to keep an eye on in 2025.
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