Welcome to our Insurance Regulatory eBulletin

Welcome to this edition of our Insurance Regulatory eBulletin, which aims to keep you updated with significant regulatory developments and their implications across the insurance sector.

Whilst it has been a relatively quiet month from a regulatory perspective, I am sure the flood of GDPR related emails into your inboxes has kept you fully aware that the GDPR came into force on 25 May. We await with interest the first enforcement action for a data breach under the new regulations. This month saw the first enforcement action by the regulators under the Senior Managers Regime with a substantial fine being imposed on the CEO of Barclays for failing to act with due skill, care and diligence in attempting to discover the identity of a whistle-blower during 2016. There are currently four other open investigations into Senior Managers and a further ten into certified staff according to the FCA.

I hope you enjoy reading this latest update. Please do not hesitate to contact myself or your normal Moore Stephens contact if you have any concerns over any matter highlighted in this update.