The financial regulator generally publishes its business plan in early spring. The plan for 2020/21 was released this week and is dominated by its approach to protecting customers and promoting stable and efficient markets during the coronavirus pandemic. It also highlights the challenges facing the UK financial services regime as we move towards the end of the EU transition period and summarises the particular scrutiny it will bring to bear on the main parts of the financial services sector, general insurance being one.
Today is six months on from the announcement by then Lord Chancellor David Gauke on 15 July 2019, that the discount rate in England & Wales would be re-set, using new powers in the Civil Liability Act 2018, at -0.25% with effect from 5 August 2019. In the ordinary course of things this rate should apply for five years and should then be reviewed. What has or has not happened in the six months since the Lord Chancellor’s decision?