In 2018 the Prudential Authority issued the well-known Prudential Standards regulating several aspects of insurance business, including outsourcing material business activities. In line with a growing trend of joint and collaborative regulation across regulators, in May 2024 the Prudential Authority and Financial Sector Conduct Authority issued Joint Standard 1 of 2024 on Outsourcing by Insurers
The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) Joint Standard 1 of 2020 sets out the requirements on fitness, propriety and other matters relating to significant owners of financial institutions and the financial institutions themselves. It is worth reminding ourselves of the requirements.
Prudent business management of financial institutions is dependent on
Anyone who is a significant owner of a financial institution is required by Joint Standard 1 of 2020 to have in place procedures for assessing and attesting to fitness and propriety by 1 December 2021. This must thereafter be done on an annual basis and on written request by either Authority.