Solvency II could be delayed until 2015

Solvency II could be delayed until January 2015 after today’s announcement that the plenary vote on Omnibus 2 has been put back, according to KPMG Solvency II director Janine Hawes.

Hawes said: “Today’s confirmation of a further three month delay means that the vote will now not occur until after Parliament reconvenes, with a consequential delay to the rest of the Solvency II timeline.”

“It remains very unclear when the timetable will become static and this latest delay makes it likely that the Solvency II implementation date of 1 January 2013 that was voted on last week will now not be achievable. Clarity is now desperately needed as to whether the firm compliance date of 1 January 2014 will remain, which realistically means firms will have less than a year between final requirements being known and compliance being required, or whether we can now expect to see an announcement of a year’s delay to 1 January 2015.”