PRA scraps audit requirements following AFM lobbying

The Prudential Regulatory Authority has announced that small insurers will no longer be required to have their annual Solvency and Financial Condition Report (SFCR) externally audited. The decision comes following a lobbying campaign from the Association of Financial Mutuals (AFM), which provided evidence that PS25/18 (‘Solvency 2: external audit of the public disclosure requirement') was a very costly exercise and duplicated verification work elsewhere; it added pressure and in many cases more than doubled an organisation's audit costs, without providing any clear benefit to readers of ...