Firering Strategic Minerals: From explorer to producer. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAviva Share News (AV.)

Share Price Information for Aviva (AV.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 483.60
Bid: 481.60
Ask: 481.90
Change: 5.40 (1.13%)
Spread: 0.30 (0.062%)
Open: 478.70
High: 483.60
Low: 477.20
Prev. Close: 478.20
AV. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Post-Brexit insurance reform clear before December, says BoE's Woods

Mon, 20th Feb 2023 20:39

LONDON, Feb 20 (Reuters) - The Bank of England sought on Monday to allay fears among insurers that it was dragging its feet over a long-trailed and disputed reform of their capital rules, saying a "very good sense" of the changes would emerge well before December.

Changing the rules, known as Solvency II, has become a test of how far Britain is ready to change regulations inherited from the bloc to boost the financial sector.

The industry has long called for a speedy reform to unlock billions of pounds from capital buffers to invest in infrastructure and boost the sector's global competitiveness.

Insurers point out there have been, however, no major changes despite Britain having left the EU's legal orbit more than two years ago, and regulators being given a new remit to buttress growth and the financial sector's competitiveness.

In the meantime, the EU is much further down the road in updating Solvency II.

The BoE has clashed with the sector and the finance ministry over how far to ease the rules, citing the need to protect policyholders.

On Monday BoE Deputy Governor Sam Woods, who heads banking and insurance regulation, sought to ease frustration over the pace of change.

"Discussions with colleagues in the Treasury about precise timings are ongoing, but at this point our broad expectation is that we will publish a first consultation on some of the topics above in June, followed by a second consultation ... in September," Woods told the Association of British Insurers annual dinner.

"We are also mindful that for some changes, firms will need advance notice to prepare, but we expect that these consultations will give firms a good sense of how the detailed regime will operate," Woods said, adding firms will have a "very good sense" of the changes well before the end of 2023 to adapt investment plans.

If parliament supports the government's plan for a large cut to the risk margin of insurers, then the Bank would "move on from the debate and into implementation", Woods said, referring to a mandatory buffer to help move a failing insurers' policies to another insurer.

The Bank would not use new powers to "reverse engineer" disputed changes to the so-called 'fundamental spread' or discount on how much insurers can cut capital requirements.

"Let me say very clearly and simply that we will not do this," Woods said. (Reporting by Huw Jones; Editing by Mark Heinrich and Alison Williams)

More News
13 Jun 2024 17:12

London stocks lose steam after Fed's rate cut outlook; Halma jumps

FTSE 100 down 0.6%, FTSE 250 off 1.5%

*

Read more
12 Jun 2024 08:22

Legal & General plans $250 million share buyback, merges investment units

LONDON, June 12 (Reuters) - British life insurer Legal & General is planning a 200 million pound ($254.9 million) share buyback and a merger of its investment units, it said on Wednesday, as it looks to boost returns by moving towards less capital-intensive business.

Read more
10 Jun 2024 17:28

UK equities slip as French election, US rate uncertainty make investors jittery

FTSE 100 down 0.2%, FTSE 250 off 0.5%

*

Read more
10 Jun 2024 17:14

French stocks send Europe's STOXX 600 lower on political uncertainty

French stocks at three-month lows

*

Read more
10 Jun 2024 09:10

LONDON BROKER RATINGS: JPMorgan cuts Aviva but lifts M&G

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and on Friday:

Read more
10 Jun 2024 07:37

LONDON BRIEFING: FTSE called down amid political uncertainty in EU

(Alliance News) - Stocks in London are called to open lower on Monday, setting off the week on the backfoot, with eyes on the US Federal Reserve's latest interest rate decision.

Read more
3 Jun 2024 13:23

IN BRIEF: Aviva Non-Exec Cheryl Agius buys GBP72,000 in shares

Aviva PLC - London-based insurer - Non-Executive Director Cheryl Agius buys 15,000 shares at GBP4.82 each, worth GBP72,343, in London on Friday.

Read more
30 May 2024 17:24

London stocks recover as yields retreat; Auto Trader hits record high

FTSE 100 up 0.6%; FTSE 250 climbs 1.2%

*

Read more
24 May 2024 09:23

LONDON BROKER RATINGS: HSBC cuts Aviva; Deutsche Bank cuts Ryanair

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and on Thursday:

Read more
24 May 2024 07:52

LONDON BRIEFING: UK retail sales fall amid wet April; Co-Op Bank deal

(Alliance News) - Stocks are called to open lower on Friday, following New York lower, as hopes of interest rate cuts have come into question.

Read more
23 May 2024 17:20

London stocks fall as political uncertainty, soft economic data weigh

FTSE 100, FTSE 250 dip 0.4% each

*

Read more
23 May 2024 10:14

Aviva optimistic after delivering company-wide growth in first quarter

(Alliance News) - Aviva PLC on Thursday said it is on track to meet its 2026 targets after a strong opening quarter.

Read more
23 May 2024 07:47

LONDON BRIEFING: National Grid plans GBP7 billion capital raise

(Alliance News) - Stocks in London are called to open slightly higher on Thursday, with focus on interest rate policy in the UK and US.

Read more
23 May 2024 07:22

Aviva reports strong start to 2024

(Sharecast News) - Aviva has reported strong results for its first quarter on Thursday, with robust growth across its divisions as it maintained a solid capital position.

Read more
22 May 2024 12:53

Aviva hires former L&G general insurance CEO as non-executive director

(Alliance News) - Aviva PLC on Wednesday said it has appointed the former chief executive officer of Legal & General Group PLC's general insurance arm as a non-executive director.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.