Regulatory Alerts2026-03-11
PRA Fines U K Insurance Limited £10,625,000
The Prudential Regulation Authority has imposed a £10,625,000 financial penalty on U K Insurance Limited for overstating its Solvency II balance sheet during 2023 and 2024. The miscalculation resulted from inadequate controls and resourcing issues that breached core PRA reporting rules, prompting a formal enforcement action. By proactively admitting the error and utilizing the Early Account Scheme, the insurer secured a 50% settlement discount in this landmark case.
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