Key takeaways

• The FCA is investigating communications with closed-book life assurance customers at six firms.
• The PRA has fined QIB £1,384,950 for capital adequacy failings.
• Under the PRA’s current proposals for applying Solvency II remuneration requirements, senior staff could have more than 40% of their variable pay deferred for at least 3 years.
• The Association of British Insurers, HM Treasury and the Bank of England call for regulatory consistency in their responses to the EC’s consultation on the EU regulatory framework for financial services.
• The PRA has issued statements on internal model applications and longevity risk transfers.