Today, the Chancellor of the Exchequer has announced plans for a review of the Solvency II regime, along with a package of measures for financial services after Brexit in a Written Ministerial Statement.
Commenting on the planned reveiw of the Solvency II regime, Hugh Savill, Director of Regulation, commented;
We welcome a revision of Solvency II that will be suited to the British market. Improvements to the Risk Margin are long overdue, and the Matching Adjustment needs to encourage much-needed investment in the British economy in the wake of COVID-19. "