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Regulatory Timeline: Overview

Let us help you keep track of the regulatory timelines that impact your business. Our regulatory timeline looks at key announcements and deadlines for all the major FCA, PRA and Bank of England consultations affecting insurance firms, highlighting key deadlines and major milestones that have been announced, with links to the Discussion Papers, Consultation Papers, Interim and Final Reports as well as other major communications from the regulators. The summary below provides an overview of what is on the horizon, or you can delve into the detail on individual pieces of work to see the history as well as the future deadlines.

These are projects that our Directors, team and Talent Pool are involved with, advising clients and providing operational support, so we have first hand knowledge and experience of the issues for firms looking to understand, respond to and implement change resulting from each of these. We’ve included links to the Discussion Papers, Consultation Papers and Policy Statements as well as links to other relevant materials and communications released by the regulators. These are available by following the links to the specific pages from the timeline or the links shown below. If you would like to know more about how your firm should respond, please get in touch.


The issue of culture in financial services first rose to the fore in areas such as banking but in more recent times has become an area of focus for the regulators overseeing insurance firms with a number of high-profile news stories reflecting badly on the sector. In March 2020 the FCA launched a Discussion Paper on the subject, “Transforming culture in financial services – driving purposeful cultures”. This was in the form of a “collection of essays from industry leaders, professional bodies and culture experts” exploring the role of purpose in driving a healthy, sustainable culture. Unusually, no feedback was sought but it was followed in April 2020 with the inclusion of culture as a core objective in the 2020/21 FCA Business Plan and in September 2020 with the announcement of the first in a series of webinars “Leading healthy cultures in a post-Covid world.” It is clear that culture in insurance firms is becoming a key area of focus for the regulator and at ICSR we are advising our clients to ensure that the question of culture is a key area of focus and considered and documented in all major change projects. We anticipate the regulator will issue further guidance, discussion papers and changes to regulations as it seeks to deliver on its commitment made in the 2020/21 Business Plan.

Distribution and The Insurance Distribution Directive

The FCA work on Insurance Distribution started in March 2017 with the publication of their first Consultation Paper. Subsequent additional Consultation Papers were released in 2017, followed by draft rules in late 2017 and early 2018. Final rules, comprising an update to the Handbook were released in May 2018. In 2019, Lloyd’s took further interest in the issue, publishing a private paper on the implementation within the Lloyd’s market, based on investigative work carried out with a small number of Lloyd’s firms. The Lloyd’s report highlighted a number of good practices, areas where some firms will need to improve their approach and areas where Lloyd’s intends to improve its own controls through upgrades to processes such as the DUA processes and to its approach, for example, in the form of amendments to Minimum Standards 9 “Customers”. Lloyd’s also recognised two areas which they considered to be key priorities: manufacturer identification and the product approval process. There has been no further public statement on the issues since then, probably in a large part due to the impact of the Covid-19 pandemnic on the operations of firms and the regulators, but it is our expectation that Lloyd’s will conduct further review of firms practices and we may also see the regulator do the same with non-Lloyd’s firms.

Operational Resilience

In December 2019, in a somewhat unsual combined move, the Bank of England, PRA and FCA issued a joint Consultation Paper on “Building operational resilience: impact tolerances for important business services”. The initial Consultation Period was due to close in April 2020, but the onset of the Covid-19 pandemic caused the date to be extended to 1st October 2020. That said, the regulator made it fairly clear that it would be using firm’s responses to the pandemic to help inform it’s understanding of the operational resilience within firms and what steps may be required to improve performance. The report introduced the concept of ‘Important Business Services’ and ‘Impact Tolerances’. ICSR has been discussing the interpretation of these terms with clients and helping them identify and document their approaches. A series of webinars have also been delivered to help firms understand the issues and develop and approach to identifying any issues that may need addressing. Co-ordinated Policy Statements were issued by the FCA and PRA on 29th March 2021, with the initial deadline for compliance with the Policy Statement requirements set for 31st March 2022.

General Insurance Pricing Practices

The FCA first started looking at pricing practices in the motor and hosuehold insurance markets as part of the work planned and announced in its 2018/9 Business Plan released in April 2018. A subsequent super-complaint filed by Citizens Advice with the Competition and Markets Authority gave added focus to the work and the FCA’s interim report concluded their was evidence of harm being caused to consumers. In September 2020 the final report and a consultation on proposed changes to the Handbook were released, which included comments bringing other general insurance products into scope with changes propsoied to the product governance process (PROD) and to any product for which auto-renewal was offered. Policy Statement PS21/5 was issued on 24th May 2021 with implementation deadlines on 1st October 2021 and 1st January 2022 for various changes required.

Vulnerable Customers

The FCA launched their consultation on Vulnerable Customers in July 2019. Their objective is to create a regulatory environment that ensures vulnerable consumers are treated fairly and consistently across financial services sectors. Finalised Guidance on the fair treatment of vulnerable customers was issued on 23rd February 2021.

FCA Supervisory Portfolio Strategy Letters

The FCA have grouped firms as members of portfolios of firms that share a common business model. The portfolio strategy letters below set out their view of the main risks of harm in each portfolio and the actions the FCA expect firms to take as well as providing guidance on what the FCA  will be doing to reduce the level of harm in that sector.

PRA Insurance Supervision Letters

The PRA issue annual supervisory priorities statements.

Current Regulatory Issues – Overview

6th December 2018

Risks Life Insurance firms pose to consumers or markets portfolio letter

Letter issued to Life Insurance firms.

View letter

8th January 2020

FCA Portfolio strategy letter to firms in the Personal & Commercial Lines Insurer (PL&CL) portfolio: identifying and remedying harms

Letter issued to Personal and Commercial Lines insurers.

View letter

5th March 2020


FCA Discussion paper DP20/1 released: Transforming culture in financial services – driving purposeful cultures

Read more on culture

7th April 2020

FCA Annual Business Plan

The FCA Business Plan for 2020/21 is released. The plan identifies 6 key areas of work that will affect insurance firms:

  • Brexit
  • Climate Change
  • Innovation and Technology
  • Operational Resilience
  • Financial Crime
  • Culture

Kenneth Underhill discussed the FCA Business Plan in more detail in a webinar hosted by the MGAA on 29th April. You can watch a recording on our YouTube channel.

Read FCA Business Plan

4th September 2020

FCA Supervision Strategy for Personal and Commercial Lines Insurance Intermediaries

Letter issued to Personal and Commercial Lines intermediaries.

View letter

22nd September 2020

General Insurance Pricing

General insurance pricing practices – Final Report issued, including proposed handbook changes.

Read more on Pricing

1st October 2020

Operational Resilience

Consultation period for CP19/32 closes.

Read more on Operational Resilience

1st October 2020

Outsourcing and third party risk management

PRA Consultation period for CP30/19 closes.

3rd November 2020

FCA Supervision Strategy for Lloyd’s & London Market Intermediaries and Managing General Agents (LLMI)

Letter issued to Lloyd’s and London Market Intermediaries and Managing General Agents.

View letter

16th November 2020

FCA supervision strategy for Price Comparison Websites (PCWs)

Letter issued to Price Comparison Websites.

View letter

23rd November 2020

FCA Supervision Strategy for Lloyd’s & London Market Insurers and Others (LLM)

Letter issued to Lloyd’s and London Market insurers.

View letter

15th December 2020

'Dear CEO' Letter: Prudential Regulation Authority (PRA) insurance supervision: 2021 priorities

The PRA issued a letter to all CEOs setting out its areas of focus for 2021.

Read PRA Letter

25th January 2021

General Insurance Pricing

Deadline for comments on CP20-19 Consultation Paper on handbook changes.

Read more on Pricing

23rd February 2021

Vulnerable Customers

FCA Finalised Guidance Issued

Read more on Vulnerable Customers

29th March 2021

Operational Resilience - FCA & PRA Policy Statements released

Read more on Operational Resilience

14th May 2021

FCA Launch Consultation on "A new Consumer Duty" - CP21/13

Read Consultation Paper

24th May 2021

PRA Business Plan 2021/22 Released

Read PRA Business Plan

24th May 2021

General Insurance Pricing Practices: Policy Statement PS21/5 published

General insurance pricing practices market study – Feedback to CP20/19 and final rules

Read more on Pricing

2nd July 2021

'Dear CEO' letter - Maintaining adequate client money arrangements - general insurance intermediaries

The FCA have issued a letter to general insurance intermediary CEOs instructing them to review their client money arrangements.

Read letter

15th July 2021

2021/22 FCA Business Plan Issued

The FCA have issued their Business Plan for 2021/22.

Read FCA Business Plan

28th September 2021

FCA Supervision Strategy letter

The FCA have issued their Supervision Strategy for Lloyd’s & London Market Insurers and Others (LLM)

Read letter

1st October 2021

PS21/11: General insurance pricing practices - amendments

New rules introduced on the systems and controls, product governance and related glossary changes.

Read more

31st October 2021

REP008: Conduct Rules reporting for solo-regulated firms

Report ‘REP008’ is due and should be completed and submitted using RegData. Firms need to report whether they have taken disciplinary action against individuals who are not Senior Managers for breaches of the Conduct Rules and, if so, the details of the breach. For solo-regulated firms REP008 must be submitted by 31 October, or the next business day if this falls on a weekend.

Read more

11th November 2021

Product Value - Information Exchange Template

BIBA, IUA, LIIBA, LMA and MGAA have acted collectively to help firms improve their product governance processes with the development of a template assessment form to assist in meeting the requirements of the Financial Conduct Authority’s product governance rules.

Read more

3rd December 2021

CP21/34: Improving the Appointed Representatives regime

The FCA have released their Consultation Paper on Improving the Appointed Representatives regime. It proposes a number of changes that will require principals to provide additional and more timely information on their ARs and how these are overseen, and clarify and strengthen the responsibilities and expectations of principals.

Read Consultation Paper

7th December 2021

CP21/36: A new Consumer Duty - Feedback to CP21/13 and further consultation

The FCA have published their feedback to CP21/13 and further consultation on the propoised new Consumer Duty. Feedback is due by 15th February 2022 and a Policy Statement with any new rules is expected by 31 July 2022.

Read more on the new Consumer Duty

1st January 2022

PS21/11: General insurance pricing practices - amendments

New rules introduced for the pricing and auto-renewal remedies, premium finance disclosure rules and reporting requirements, and related glossary and administrative changes.

Read more

12th January 2022

PRA Insurance Supervision: 2022 priorities - Dear CEO letter

The PRA have written to all PRA-supervised firms setting out their supervisorty priorities for 2022.

Read letter

28th January 2022

PRA "Dear CEO" Letters: Insurance costs for multi-occupancy buildings

The PRA have written to insurers and intermediaries involved in the placement of insurance for multi-occupancy buildings. Their focus is on distribution costs and ensuring products provide fair value with premiums that fairly and accurately reflect risk.

Letters have been written to Insurers and Intermediaries.

Read letter

7th April 2022

FCA: Strategy 2022 to 2025

The FCA have published their updated Strategy for 2022 to 2025

Read FCA Strategy

7th April 2022

FCA: Business Plan 2022/23

The FCA have published their Business Plan for 2022/23.

Read FCA Business Plan

20th April 2022

FCA: PS22/3: Diversity and inclusion on company boards and executive management

The FCA have issued their Policy Statement on Diversity and Inslusion. This applies to UK and overseas issuers with equity shares, or certificates representing equity shares, admitted to the premium or standard segment of the FCA’s Official List.

Read Policy Statement PS 22/3

20th April 2022

PRA Business Plan Published for 2022/23

The PRA have issued their Business Plan for 2022/23.

Read PRA Business Plan 2022/23

20th April 2022

PRA: CP4/22 Regulated fees and levies: Rates proposals 2022/23

The PRA have issued their proposals for regulated fees and levies for 2022/23

Read CP4/22

10th May 2022

Multi-occupancy Building Insurance - FCA Response To Michael Gove

The FCA has responded to the Rt Hon Michael Gove MP providing an update on their work looking into the issues.

Read FCA letter to the Rt Hon Michael Gove MP

25th May 2022

Dear Board of Directors Letter: FCA Supervisory Strategy for Personal & Commercial Lines Insurance Intermediaries (P&CLII)

FCA letter setting out its concerns over a number of issues. Firms are requested to consider the extent of these risks in their businesses and act where they identify harm.

Read FCA Letter of 25th May 2022

27th July 2022

The new Consumer Duty - Policy Statement & Finalised Guidance

The FCA have issued Policy Statement PS22/9 and their Finalised Guidance for firms.

Read PS22/9 and the Finalised Guidance

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