How is insurance regulated in the UK?
The twin peak regulators In 2013, the government implemented wide-ranging reforms to the way the financial services sector – including insurance – is regulated. The body which regulated the UK financial services industry, the Financial Services Authority (FSA), was replaced by two new regulatory bodies.
Are insurers regulated by the FCA?
Insurance intermediaries, such as brokers, are regulated by the FCA only. Lloyd’s of London (or the Society of Lloyd’s) is regulated by the PRA and the FCA. While Lloyd’s itself is not a statutory regulatory agency in the same sense as the PRA and FCA, it oversees and regulates the operation of the Lloyd’s market and those operating within it.
How is insurance taxed in the United Kingdom?
Insurance in the United Kingdom, particularly long-term insurance, is divided into different categories. The categorisation is currently set out in sections 333B, and 431B to 431F of the Income and Corporation Taxes Act 1988 (ICTA) with each category of business given a different tax treatment.