PRESS RELEASE : Autumn Statement – PwC comments on Solvency II [November 2022]

The press release issued by PWC on 17 November 2022.

Isabelle Jenkins, Leader of Financial Services at PwC UK, said:

“The Government is clearly dealing with a range of economic challenges, so it’s encouraging to see the Chancellor reaffirm his commitment to the importance of financial services. A dynamic financial services sector is a prerequisite for the success of the other growth industries identified by the Chancellor.

“The plan set out by the Government today for Solvency II will see the release of capital, which underpins the government’s desire to encourage growth, something that will no doubt be welcomed by the sector. However, the rest of the industry will have to wait to hear what other areas of regulation the Government will seek to change. It is of course right that the Government ensures the UK’s regulatory framework is fit for purpose, but providing certainty and stability as soon as possible will also be important.

“Finally, as one the most innovative and digitally enabled sectors in the economy, transformation is being driven through the deployment of technologies such as Cloud and artificial intelligence. With future opportunities from technologies such as distributed ledger technology and quantum computing, the announcement that Sir Patrick Vallance is to lead work to consider how the UK can better regulate emerging technologies makes good sense.”