UK regulator faces independence stress-test; and European soccer has its day in court

MLex Market Insight

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4.9 • 9 Ratings

🗓️ 15 July 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Against the backdrop of the political turmoil affecting the UK, an interesting power dynamic is developing between the government, insurers and the central bank’s prudential regulator. Solvency II, a key piece of legislation for the insurance industry, is being overhauled and there’s a growing chasm between the government and the insurance industry on the one side, and regulators on the other. The stakes are high, with the government awarded powers to undermine anything the regulator does — powers that are prompting some soul-searching about regulatory independence. Also on today’s podcast: Judges ponder the future of European sport, with EU courts weighing up whether UEFA should be allowed special leeway to nurture grass-roots sport or whether it falls under competition laws and should allow the emergence of a rival Super League.

Transcript

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0:00.0	Welcome back. It's great to see you again. This is Emlex's weekly podcast covering the top
0:15.2	stories in regulatory affairs with the help of our team of reporters embedded in the corridors
0:20.5	of power around the globe.
0:22.6	My name is James Panicki. I'm Emlex's Asia Pacific Senior Editor, and we have another action-packed
0:28.6	program for you today. In just over 10 minutes' time, we'll return to the ongoing soccer antitrust case,
0:34.6	which is unfolding in Europe. The European Court of Justice is considering
0:39.1	whether UEFA, the European Soccer Federation, should be allowed to exercise a de facto monopoly
0:45.6	in running the game. It's antitrust meets sport, meets the cultural significance of football,
0:52.2	and it will no doubt be a fun conversation with Lewis Crofts
0:56.1	who was in court this week. First up though to the UK where proposed changes to legislation which
1:02.7	have come about as a result of Brexit are prompting some soul searching over the freedom of regulators
1:09.1	to regulate. The conversation is centering on the insurance industry,
1:14.1	but it comes down to a consideration over whether the UK's executive should be able to step in
1:20.4	when it's unhappy with a regulatory outcome. Now, this isn't quite Charles I'm first storming
1:26.7	Parliament. I'm not sure a prudential regulator could inspire 400 soldiers to fight for the right to oversee the insurance industry.
1:35.5	Nonetheless, it's a significant story for both us and our readership, and it's one that our financial services correspondent Fiona Maxwell has covered with her usual alacrity.
1:46.5	And she joins us now from London. So Fiona, how have these new dynamics between government
1:53.2	and regulator come about and what could they mean for UK financial services policy?
1:59.8	Hi, James. Thanks. So basically basically after the UK left the EU, the finance ministry, the Treasury in the
2:07.7	UK began to redesign the financial services regulatory architecture, so how it works in the UK,
2:13.7	as opposed to in the EU. It's called the future regulatory framework and it's basically a blueprint for how
2:20.3	financial services policy should be written going forward. It contains things like more rule-writing
	...

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