This report examines the key regulatory updates in January for life insurance companies in the United Kingdom and Europe. We note items published by the European Insurance and Occupational Pensions Authority (EIOPA), Financial Conduct Authority (FCA), European Supervisory Authorities (ESA), Prudential Regulation Authority (PRA), Bank of England (BoE), Swiss Financial Market Supervisory Authority (FINMA), Department for Work and Pensions (DWP), and the Pensions Regulator (TRP).

Key developments include:

• The FCA, DWP, and TRP publish proposals for new Value for Money Framework for workplace pensions.
• The PRA, the FCA, BoE, and ESA sign a memorandum of understanding to enhance cooperation and oversight of critical third parties.
• The FCA seeks views from industry on how to help close the protection gap in the UK insurance market.
• The PRA, FCA, and Swiss FINMA implement the Bilateral Financial Services Agreement, enabling UK insurers to provide covered services to Swiss clients without a local presence.
• The PRA publishes its 2026 insurance supervision priorities.
• The PRA publishes Policy Statement PS3/26, providing the final policy to restate the remaining relevant provisions in the Capital Requirements Regulation.
• The FCA seeks views on how to help close the protection gap.