Perspectives

Episode 24: EU-UK regulatory divergence for the insurance sector

Regulated Radio podcasts

Now that the transition period for the UK’s departure from the EU has ended, differences between the regulatory regimes in the two jurisdictions may begin to emerge. One area where these differences could be felt first is in the insurance sector. In this episode, we speak to Andrew Bulley, Henry Jupe and Felix Bungay to hear their thoughts on what regulatory divergence could really mean in practice, how the review of the Solvency II Directive could create an opportunity for divergence to materialise, and how insurers can manage a more complex regulatory landscape. Tune in now to hear more about this increasingly important subject for a post-Brexit world.

Key questions:

  • What does regulatory divergence look like in practice, and how might we see it materialise between the UK and the EU?
  • How has the UK’s regulatory and supervisory philosophy traditionally differed from the EU’s and what could this mean for the future?
  • Why do we see the review of the Solvency II Directive as a potential source of regulatory divergence?
  • How can insurers cope with the practical challenges of managing regulatory divergence and regulatory complexity?

Speakers

Andrew Bulley
Partner
EMEA Centre for Regulatory Strategy

Andrew Bulley joined Deloitte in October 2016 from the Bank of England, where he was, most recently, the Director of Life Insurance Supervision. Between 2014 and 2016 he was a UK voting member of the Board of Supervisors of the European Insurance and Occupational Pensions Authority (“EIOPA”). In a career with the Bank of England and Financial Services Authority stretching over 27 years, Andrew has held senior roles in the supervision of life and general insurers, the London wholesale insurance underwriting and broking markets, retail and investment banks, asset managers, and IFAs.

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Felix Bungay
Senior Manager
EMEA Centre for Regulatory Strategy

Felix is a Senior Manager within the EMEA Centre for Regulatory Strategy. He has extensive experience of the investment management sector and of conduct regulation across a broad range of financial services sectors. Prior to joining Deloitte, Felix spent a number of years working for the FCA.

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Henry Jupe
Director
EMEA Centre for Regulatory Strategy

Henry specialises in regulation in the insurance sector. He has advised many insurers across the life, non-life and health sectors on the impact and implementation of regulatory change, and has particular expertise in capital, solvency and regulatory reporting.

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Scott Martin
Senior Manager
EMEA Centre for Regulatory Strategy

Scott is a Senior Manager in the Centre for Regulatory Strategy advising on international banking regulation, with a particular focus on bank capital, strategy, cyber risk and public policy-making processes.

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Transcript

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