Regulatory developments are at the top of London market companies’ priorities in 2018, according to the International Underwriting Association (IUA). The IUA says that while preparations for Brexit will continue to take up management time, firms will have to adapt to several other big changes in the supervisory environment this year.
Dave Matcham, IUA chief executive, said: “2018 will be an incredibly busy year from a regulatory perspective. The need to establish mutual market access between the UK and EU and agree an implementation period before a new trading arrangement post-Brexit are incredibly important.
“In addition, at least three significant new regulations become effective during the year: namely, the General Data Protection Regulation, the Insurance Distribution Directive and the enhanced Senior Insurance Managers Regime.”
Mr Matcham added that the London market has to prove that initiatives to modernise London’s business processing can deliver promised savings and efficiencies. Market priorities on technology involve accelerating the use of new Target Operating Model (TOM) infrastructure projects.
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