Insurers must wake-up and smell the Senior Insurance Managers Regime accountability, says KPMG

Insurers must wake-up and smell the Senior Insurance

Michael Crawford, insurance partner at KPMG, responds to today’s publication of the Bank of England’s consultation papers into the Senior Insurance Manager’s Regime (SIMR)

Also on KPMG.com

In response to today’s publication of the Bank of England’s consultation papers into the Senior Insurance Manager’s Regime (SIMR), Michael Crawford, insurance partner at KPMG said:

“It clearly shows that the regulator is taking the SIMR seriously, albeit proportionally which is good news for the some 100 smaller insurance firms in the UK this consultation paper applies to. This will help create a level playing field. However, there is a question whether this will create added costs firms in a run off.

“This clearly means that more expectations will be focused on the larger firms and the question is whether they are doing enough to be ready by the 1st January 2016 deadline. Insurers that fail to take note and implement the changes risk coming under further scrutiny by the regulator.”

-ENDS-

 

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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