REG Reviews
Last month, the FCA released a proposal to simplify insurance rules, Biba’s cyber insurance directory continued gaining popularity, the World Cup 2026 brought cyber challenges and risks, and REG is exhibiting at the MGAA Conference to continue its long-standing support of MGAs.
Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
Director of regulation at ABI, David Otudeko said the government’s new Financial Services and Markets Bill offers an opportunity to modernise and simplify the UK’s regulatory framework.
He argued that proposed reforms, including changes to the Financial Ombudsman Service and the Senior Managers & Certification Regime, could improve regulatory consistency, provide greater clarity for firms, and help restore confidence in how financial services are regulated.
According to Insurance Post, the proposed reforms to the Financial Ombudsman Service are expected to provide greater certainty for both firms and consumers by aligning complaint decisions more closely with the rules in place at the time of sale.
The publication also noted that introducing a clear time limit for complaints should improve consistency, streamline dispute resolution and enhance the overall efficiency of the complaints process.
The Financial Ombudsman Service and the FCA are also seeking to curb the market-wide impact of individual FOS decisions, helping to improve regulatory consistency. The publication noted, however, that further clarity is still needed around the use of “codes of practice” to ensure they do not introduce unnecessary uncertainty for firms.
Further reforms could strengthen confidence in the Financial Ombudsman Service by introducing a clearer mechanism for referring regulatory interpretation questions to the FCA, alongside a limited right of appeal in specific cases. The publication suggested these changes would improve consistency, fairness and certainty for firms.
The government plans to remove the Senior Managers & Certification Regime from statute so regulators can redesign it to be more flexible and less burdensome. While the current framework has improved accountability and culture in financial services, it is seen as costly and overly complex.
The goal is to significantly cut its cost, possibly by around half, while keeping strong standards of accountability and consumer protection, which will require ongoing engagement with the industry to get the balance right.
These reforms are important because insurance underpins much of the UK economy, and the sector performs best when regulation is stable and transparent.
The opportunity is to drive growth through smarter regulation that protects consumers while giving firms confidence to invest and innovate.
The cost of consumer technology is rising sharply as demand for AI infrastructure puts pressure on global chip and memory supply chains.
Several major technology firms have raised prices on devices and consoles that would historically have become cheaper over time. Apple has increased the price of some tablets and laptops by almost 20%, while Microsoft is set to raise the price of its Xbox Series S and X consoles by at least $100, equivalent to around £75.70.
For Xbox buyers, the latest rise marks the third price increase in just over a year. The consoles are now reportedly 30% to 40% more expensive than they were a year ago, despite being several years into their product cycle.
The key pressure point is memory. AI data centres require vast quantities of chips to support high-speed processing and heavy computing workloads. This has increased competition for the same components used in laptops, phones, games consoles and other consumer devices.
RAM, once one of the cheaper components in a computer, has seen particularly steep increases. Prices more than doubled between October 2025 and the start of 2026. Counterpoint Research data cited in the article shows that some 32GB DDR5 PC memory components rose from $94 in the three months to September 2025, to $127 in the following quarter. By the first quarter of 2026, the same components had reached $282, a 122% increase in just one quarter.
Analysts have linked the disruption to the scale of AI investment. RSM UK’s James Bull noted that the four largest US technology firms are expected to spend hundreds of billions of dollars on data centres and AI equipment in 2026. With major AI companies able to buy at scale and commit to premium contracts, consumer electronics firms are facing tougher competition for supply.
The pressure is not limited to AI demand. Inflation, geopolitical instability and wider supply chain disruption are also adding to costs. Sony has previously pointed to continuing pressure in the global economic environment when raising PlayStation 5 prices, while other manufacturers, including Nintendo and Valve, have also announced price increases.
The MGA market has never stood still. From evolving regulation and increasing governance expectations to new trading relationships and growing operational demands, MGAs continue to navigate a landscape that is becoming more complex by the day. Yet despite these challenges, the sector remains one of the most dynamic, innovative, and resilient parts of the insurance market.
That’s why we’re excited to be exhibiting at the MGAA Annual Conference 2026 as a Silver Sponsor.
Taking place on 7th July at the Business Design Centre in London, the conference is the flagship event in the MGA calendar, bringing together more than 1,250 delegates from across the insurance ecosystem. With a packed programme of panel discussions, breakout sessions, networking opportunities and industry insights, the event provides a valuable forum for collaboration, knowledge sharing and future-focused thinking.
As a long-standing supporter of the MGAA and its members, we’re proud to play our part in an event that continues to champion the growth and success of the MGA community.
This year’s conference theme, “Specialty Insurance – Designed to Succeed”, reflects the innovation and adaptability that has become synonymous with the MGA sector. But alongside the opportunities for growth come increasing demands around compliance, oversight, governance, onboarding and counterparty risk management.
At REG, we’re focused on helping firms turn complexity into control.
Whether it’s onboarding new trading partners, managing TOBAs and documentation, monitoring counterparty risk, evidencing Consumer Duty compliance or improving oversight across distribution networks, we help insurance businesses replace manual processes with greater visibility, efficiency and confidence.
The conference provides an ideal opportunity to speak directly with MGAs about the challenges they’re facing and the opportunities they’re pursuing. More importantly, it allows us to listen.
Graham Hogan, CRO of REG, said: “The MGA sector continues to lead the way when it comes to innovation and agility. But with growth comes complexity. We’re looking forward to discussing how firms can strengthen oversight, improve operational efficiency and create greater confidence in their trading relationships without increasing administrative burden.”
Head of Marketing, Zoë Parsons, added: “The MGAA Conference is one of the most important opportunities in the year to connect with the market. It’s where meaningful conversations happen, ideas are shared and relationships are strengthened. We’re excited to hear what’s top of mind for MGAs and demonstrate how REG is helping firms navigate an increasingly complex environment.”
These conversations reflect a wider trend we’re seeing across the sector. Firms aren’t simply looking for technology; they’re looking for ways to reduce friction, strengthen governance and create the operational foundations needed for sustainable growth.
Our Silver Sponsorship of the MGAA reflects our ongoing commitment to supporting the MGA community. The association continues to play a vital role in bringing together MGAs, insurers, brokers and service providers, creating an environment where meaningful discussions can take place and long-term partnerships can flourish.
So, if you’re attending the MGAA Annual Conference this year, we’d love to meet you! Whether you’re exploring ways to improve operational efficiency, strengthen counterparty oversight, simplify compliance or simply want to discuss the future of the MGA market, come and say hello.
Together, we can turn complexity into control and create the foundations for faster, smarter and safer trading across the insurance ecosystem.
The UK Government has announced plans to ban under-16s from using certain social media platforms from Spring 2027, marking a major escalation in the regulation of online safety.
The proposed rules are intended to reduce young people’s exposure to harmful content, addictive design features and online interactions that may put them at risk. According to the Government, children will still be able to use the internet for learning, news, games and staying in touch with friends and family, but access to some social media services will be restricted.
The ban is expected to apply to major user-to-user platforms where people can post, share content and interact with others. Reports suggest this could include services such as TikTok, Instagram, Snapchat, YouTube, Facebook and X, while services designed for education or younger audiences may be treated differently.
The UK is drawing on Australia’s approach, where age restrictions for under-16s came into force in December 2025. Under the Australian model, platforms must take reasonable steps to stop children under 16 from creating or keeping accounts. However, early reports from Australia have highlighted the practical challenge of enforcement, with some young users finding ways around restrictions through false age declarations, duplicate accounts or VPNs.
This is likely to be one of the central issues for UK regulators and technology firms. A ban is relatively simple to announce, but much harder to implement in practice. Platforms will need reliable age assurance processes, clear governance and evidence that their controls are working.
That may involve tools such as facial age estimation, digital ID, bank verification or other third-party checks, each of which brings its own privacy and data protection considerations.
The proposals also sit alongside the UK’s wider Online Safety Act framework. Since July 2025, platforms have had legal duties to protect children online, including using highly effective age assurance to prevent children from accessing certain harmful content
As geopolitical instability intensifies, Asian firms are increasingly turning to multinational insurance products to manage political violence risks as they expand globally.
This shift reflects rising concern among executives, ranked as the second biggest global risk in the AXA Future Risks Report 2025 and the top risk in Hong Kong, amid a surge in global conflicts, with around 60 active conflicts across 36 countries in 2024 and an estimated $20 trillion economic impact, according to the Peace Research Institute Oslo.
Asian firms are expanding rapidly overseas, driving 71% of global trade growth in 2025 according to the World Trade Organisation (WTO), with many now generating the majority of their revenue internationally.
As a result, they’re adopting more integrated, global insurance strategies to protect their operations, supply chains and assets, with growing demand for political violence cover as risks become more complex.
However, political violence risks are often poorly covered under traditional policies, leading many multinational firms to rely on fragmented solutions across standard insurance, specialist markets and national pools.
In an increasingly complex geopolitical environment, this patchwork approach is exposing significant gaps in cover and making it harder for firms to effectively monitor and manage risk on a global scale.
In contrast, multinational insurance programmes are emerging as a more effective solution, offering consistent and coordinated cover across jurisdictions. By combining global oversight with local implementation, these approaches provide broader protection for political violence risks, improve control and risk visibility, and can deliver greater efficiency compared to fragmented, decentralised arrangements.
Building on this, AXA recommends a structured, three‑stage approach to developing multinational political violence cover, starting with risk assessment, reviewing existing policies for gaps, and then designing tailored global programmes. This approach enables firms to achieve more consistent, scalable protection aligned to their international operations and evolving risk profile.
AXA emphasises that a unified multinational strategy allows firms to shift from reactive cover to proactive resilience in an increasingly volatile risk landscape.
The FCA has found that the general insurance and protection market experienced the largest decline in appointed representatives over the last financial year.
ARs have been in steady decline for over a decade, with only one uptick in 2013. The total fell by 346 last year to 6,816 at the end of March 2026, roughly one-third of the figure when tracking began, and it has remained under 10,000 since 2023.
With a 4.83% annual contraction, the sector recorded the FCA’s second-steepest decline, led only by pensions and retirement income, which fell 6.7% to 1,268 ARs.
Wholesale financial markets also dipped marginally, down 2 ARs (1.09%) to 182, while other areas such as retail banking and investment-related sectors saw growth. In total, active appointed representatives decreased by 222 to 33,348 by March 2025.
ARs generated about £13.1bn in regulated revenue in 2025, up 7.3% on 2024, with general insurance and protection remaining the largest contributor at £4.03bn.
The FCA outlined plans in July 2025 to accelerate authorisation processes to support UK competitiveness, later tightening service standards by introducing shorter timelines, reducing application processing for approved roles from three months to two and signalling a broader shift towards faster, more efficient approvals.
The FCA introduced tighter authorisation timelines, achieving strong performance against its new targets, with over 95% of applications processed within the revised timeframe across recent reporting periods.
This consistent performance suggests the FCA is successfully meeting its tightened service targets, maintaining high processing standards for authorised representative applications.
The Fifa world Cup is a major sporting event that welcomes millions of spectators, with 48 teams competing this year. However, with popular events like this come great cyber risks.
The tournament’s digital infrastructure relies on multiple interlinked systems, from ticketing to security, creating a concentration of risk. As a result, a cyberattack on one key provider could trigger widespread disruption across the event, according to Coalition’s head of London market, Matt Foster.
According to Insurance Times, major global events attract cyber criminals due to their scale, visibility and reliance on critical digital infrastructure, creating opportunities for disruption, extortion or publicity.
Previous incidents, such as the 2018 Winter Olympics malware attack, show how attackers can target the wider ecosystem, including third‑party providers, rather than just organisers.
Foster highlighted that the scale and geographic spread of the 2026 tournament (taking place across USA, Canada and Mexico) increase exposure to real‑world disruption, with cyber incidents affecting transport or logistics potentially preventing teams, officials or fans from reaching matches.
He also stressed that reliance on shared digital infrastructure, across broadcasters and ticketing systems, creates a single point of failure, where an attack on one provider could cause widespread operational and broadcast disruption.
According to Matt Hull, Vice President and Head of Cyber Intelligence and Response at NCC Group, the scale and visibility of major international events are likely to drive an increase in cyber insurance claims, as they create attractive opportunities for both financially motivated attackers and hacktivist groups seeking disruption or publicity.
He highlighted that this activity, alongside growing geopolitical tensions, as noted by Foster as well, could manifest through attacks such as DDoS incidents, supply chain breaches and attempts to disrupt critical digital services relied upon by organisers and fans.
Additionally, director of threat intelligence services at CyberCube William Altman, highlighted that attacks on major events are evolving into more coordinated and politically motivated campaigns.
This growing threat is reflected in Armis research, which found 54% of UK companies experienced state‑linked cyber attacks in 2025 (up from 47% in 2024), underlining the increasing risk of high‑impact, high‑visibility incidents during global events.
In response to rising geopolitical and AI‑driven cyber risks, the insurance market is placing greater emphasis on prevention and resilience rather than recovery alone. Altman reported on the challenge of securing interconnected ecosystems, while Foster stressed the growing importance of proactive risk management, such as stronger supplier oversight, authentication controls and continuous threat monitoring to help organisations reduce the likelihood of attacks rather than simply respond to them after the fact.
A parliamentary inquiry into England’s student loan system has exposed significant frustration among graduates, with many saying they did not fully understand the terms of their loans before signing up.
More than 52,000 people responded to the Treasury Committee’s call for evidence as part of its inquiry into the taxation of graduates. Among the 49,357 respondents who had taken out student loans, 28,275 said they did not understand the terms and conditions at the time.
The findings go beyond confusion around repayment mechanics. 40,373 respondents said the financial impact of repaying their student loan was worse than expected, while 45,843 said they did not believe the terms were reasonable. A further 25,291 said they would not take out the loan again if given the choice, although many also said they could not have attended higher education without it.
The inquiry has focused heavily on Plan 2 loans, which were issued in England between September 2012 and July 2023. Borrowers on these loans repay 9% of earnings above the repayment threshold. That threshold is due to be frozen at £29,385 from 2027 to 2030, rather than rising with inflation, meaning some graduates may begin repaying earlier or see more of their income affected.
The Treasury Committee also highlighted concerns that the system has not always been communicated clearly. Respondents said interest calculations were difficult to understand, while others felt that changes to repayment terms had been made after loans were taken out.
The issue has already been the subject of wider policy attention. As the government has confirmed that interest rates on Plan 2 and Plan 3 loans will be capped at 6% for the 2026–27 academic year. That move was designed to protect borrowers from short-term inflationary pressure, but campaigners and graduates are now calling for broader reform.
The financial impact is also being felt beyond payslips. The Committee’s report found that student loan repayments can reduce mortgage affordability, delay home ownership and make it harder for graduates to save for deposits, with some respondents reporting monthly deductions of between £200 and £600.
The Treasury Committee is expected to publish recommendations later this year, with transparency, affordability and fairness now central to the debate.
The FCA has set out further proposals aimed at simplifying conduct requirements for insurers, intermediaries and funeral plan firms, as part of a wider effort to reduce regulatory complexity while maintaining consumer protection.
The consultation, CP26/22, focuses on making the insurance rulebook more proportionate, particularly for firms operating across international markets.
A key proposal is to narrow the territorial scope of detailed insurance conduct rules, including ICOBS and PROD 4, so that they apply where there is a clear UK connection. This would be assessed by factors such as the customer’s habitual residence and, where relevant, the location of the insured risk.
For the UK’s commercial insurance market, including Lloyd’s, this could help reduce duplication where firms are already subject to overseas regulatory requirements. The FCA has positioned the change as a way to support the UK’s role as a global insurance hub, especially for complex and specialty risks written across borders.
The FCA is also proposing to remove certain disclosure requirements that it considers duplicative or of limited practical value to customers. Firms would be given greater flexibility in how information is provided, including through digital channels, although information would still need to be supplied in a durable format that is suitable for the customer and distribution method. Paper copies would still need to be made available where requested.
Another proposed change would simplify the rules around advised insurance sales by making a clearer distinction between sales involving a personal recommendation and those that do not. The FCA is also consulting on changing the minimum professional indemnity insurance limits for intermediaries from euros into pounds sterling, using an appropriate conversion rate, without altering the underlying level of cover.
The consultation applies to regulated insurers and intermediaries, including Lloyd’s market participants, Gibraltar-based firms and temporary permission firms. Commercial insurance buyers, trade bodies and consumer groups are also likely to follow the proposals closely.
Responses to CP26/22 are due by 4 September 2026. Firms should also consider the consultation alongside related FCA publications, including CP26/23 on the Consumer Duty and wholesale markets, and PS25/21, which finalised earlier insurance rule changes that came into force on 9 December 2025.
HMRC has set out further details on the Government’s incoming ISA reforms, confirming that interest earned on cash held inside stocks and shares ISAs will face a new 22% charge from April 2027.
The measure is designed to support wider changes to the ISA regime, which will reduce the annual cash ISA allowance for under-65s from £20,000 to £12,000. The overall ISA allowance will remain £20,000, meaning savers will still be able to use the remaining allowance in stocks and shares ISAs or other eligible ISA products.
The new 22% charge is intended to stop savers from using investment ISAs as a route to hold additional tax-free cash above the reduced cash ISA limit. It will apply to interest earned on uninvested cash held in non-cash ISAs, rather than to the investments themselves. Investment returns within a stocks and shares ISA will remain tax-free.
HMRC has also clarified how money market funds will be treated. These funds, often used as a lower-risk stepping stone into investing, will not be banned outright. However, investors will not be able to hold a non-cash ISA entirely in money market funds. Diversified portfolios that include some cash-like exposure will still be allowed.
The reforms also include new restrictions on transfers. Savers will be able to move money from cash ISAs into investment ISAs, but transfers from non-cash ISAs back into cash ISAs will not be allowed under the new framework.
The reforms form part of the Government’s wider effort to direct more savings into investment products and UK capital markets.
From April 2027, savers will need to pay closer attention to where their money is held, how interest is treated and which transfer routes remain available. Providers will also need to update customer communications, product processes and platform functionality to reflect the new rules.
According to Insurance Age, the British Insurance Brokers’ Association’s cyber insurance directory continues to expand, with more accredited brokers joining since its launch.
The initiative is designed to improve access to specialist cyber expertise while strengthening confidence in the cyber insurance market and supporting wider economic resilience.
BIBA’s cyber insurance directory was created to help businesses access specialist cyber insurance expertise and strengthen organisational resilience.
John Pennick said accreditation is based on evidence of a broker’s experience and capability in placing cyber cover across a broad range of businesses, ensuring firms listed in the directory meet a recognised standard of expertise.
He believes the accreditation scheme helps brokers demonstrate their cyber expertise and build greater client confidence. He also encouraged more brokers to join the directory, arguing that wider participation will raise professional standards and strengthen trust in cyber insurance advice across the market.
Eddie Ferrao, managing director at Langton London Insurance Brokers also welcomed wider participation in BIBA’s cyber accreditation scheme, saying it encourages greater broker expertise and elevates cyber insurance as a core business protection rather than an optional add-on.
Moreover, Duncan Sutcliffe, managing director at Sutcliffe said that BIBA’s accreditation scheme will help raise broker expertise, increase client confidence and encourage more firms to proactively engage with cyber risk.
He goes on to say that this scheme is a positive step towards helping with the cyber insurance process, with the UK government also pushing for adoption.
Sutcliffe also argues that insurance alone isn’t enough and should be paired with broader cyber resilience measures, similar to fire, health and safety, and flood protection.
Chris Braniff, managing director at Southampton-based broker Focus Pelican Insured, says his tech background has shaped a strong focus on cyber insurance. He explains that the firm quickly gained accreditation because the process is as much about managing cyber risk as it is about selling insurance, and notes they already see strong client uptake driven by proactive engagement.
Braniff argues that cyber cover is still underused despite widespread digital exposure across all businesses, viewing it as a major opportunity for insurers to help clients better manage and reduce risk.
He describes cyber as a fundamental risk and says brokers without expertise will become less competitive, urging firms to seek accreditation and follow industry guidance from bodies like BIBA.
Similarly, LBH Insurance’s Adam Antonioni says cyber is a core part of client conversations, with his team consistently recommending cover due to widespread exposure and actively cross- and upselling it.
While accreditation is simple, it demands ongoing training to keep pace with evolving cyber threats and product changes, including risks associated with AI and new forms of cyber attack.
Finally, BIBA’s ‘Ben the Broker’ campaign now runs alongside its cyber directory to highlight the importance of cyber insurance and guide firms to its platform. With membership already increasing, more applications are expected as awareness builds and promotion continues.
REG Technologies powers the insurance world to accelerate compliant trade. Helping insurance businesses trade faster, smarter, safer.
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Last month, the UK Reform party speculated that it would eradicate the FCA and enable insurers to self-regulate if elected, the UK government planned to trial digital driving licences amid privacy backlash, extreme weather caused significant insurance risks and costs for clean energy development, and REG hosted its Business Profile and Smart Search Webinar to help businesses enhance partner discovery. Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
Last month, social media influencers reached out to specialist insurers to protect their income and careers, VPN usage increased due to the UK's new age verification rules, tech giants spent more on executive security amid rising threats, and REG announced its upcoming webinar designed to help businesses find partners, boost visibility and trade efficiently. Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
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