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Future Regulatory Framework Review and Solvency II Review

19 October 2020

Proposing MP
John Glen Con
Salisbury
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the commencement of Phase II of the Future Regulatory Framework (FRF) Review and a review of Solvency II, aimed at tailoring UK financial services regulation to better support the domestic economy and sector.

Action Requested

The Government is initiating consultations on both the FRF and Solvency II reviews, with responses due by January 19, 2021. The first consultation on FRF proposes an approach that builds on existing strengths while adapting to post-EU regulation needs, ensuring a coherent, agile, and democratically accountable framework.

Key Facts

  • Government laid the first FRF consultation on the wider regulatory framework for financial services.
  • Published a call for evidence as part of the Solvency II Review.
  • The views gathered will inform proposals set out in a second consultation during 2021.
  • Solvency II review focuses on specific areas including risk margin, matching adjustment, and reporting requirements.
  • Both publications are available on www.gov.uk until responses close on January 19, 2021.
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