BoE’s PRA should clarify approach to insurance, report says

BoE told to improve its communication with the insurance industry with regard to policyholder protection

A report from the Bank of England’s Independent Evaluation Office (IEO) has uncovered flaws in the way the Bank of England’s Prudential Regulation Authority (PRA) articulates its approach and communicates with the insurers it regulates.

Published today (March 20), the report examines whether the PRA is taking an “appropriate approach” with regard to the insurance sector, for which the regulator was given responsibility in 2013.

“The current, incomplete, articulation raises a number of consider