Regulatory framework

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Insurers, reinsurers, insurance intermediaries and distributors of insurance are subject to UK regulation by the Financial Conduct Authority (FCA), and the Prudential Regulation Authority (PRA).

The Financial Conduct Authority

The FCA is the conduct regulator for (re)insurers.

Under Financial Services and Markets Act 2000 (FSMA 2000), the FCA is responsible for a broad range of regulated activities. Its role includes rule making, issuing codes, providing general guidance, setting policy and principles, and taking enforcement action. For more information about the FCA, see Practice Notes: Financial Conduct Authority—objectives and powers and FCA—corporate governance, structure and constitution. For more information about FSMA 2000, see Practice Note: Financial Services and Markets Act 2000—essentials.

The FCA Handbook sets

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Latest Insurance & Reinsurance News

Aviva tells brokers to intervene over SME cyber risks

Law360, London: Aviva has called on brokers to intervene as its research revealed that small and mid-sized enterprises (SMEs) underestimate the risks posed by cybercriminals, despite being increasingly targeted by them.

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This week's edition of Insurance and Reinsurance weekly highlights includes: claims inflation poised to hit insurers hard in 2026, EY says; Aviva urges brokers to intervene over SME cyber risks; the International Underwriting Association warning that the FCA’s proposed redress arrangements for motor finance customers amount to ‘regulatory overreach’; FCA publishes research on pure protection products to retail customers; plus key cases and dates for your diary.

FCA motor finance compensation plan is overreach

Law360, London: The Financial Conduct Authority (FCA)’s planned £8.2bn redress programme for motor finance customers goes too far, IUA said on 15 December 2025.

Claims inflation poised to batter insurers in 2026, EY says

Law360, London: Motor insurers are likely to face major losses in 2026, Ernst & Young (EY) warned, following a period in which the sector slashed prices while under political scrutiny.

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