The committee reviewed LIMOSS’s FCP renewal paper and discussed reconciliation concerns. Lloyd’s confirmed strong 2024 results but noted surprise at investment return volatility. Solvency UK pilots are underway, with phased participation encouraged. The committee heard updates on the Reporting Simplification Project and CALM’s QMA and LCR submission timelines. Tax discussions focused on Pillar 2 complexities, PE certification concerns and regulatory implications. The inaugural TIG meeting addressed LIC funds withdrawal and infrastructure investment. Finance Next Gen priorities for 2025 include talent pathways and FCP reconciliation work. The committee effectiveness survey showed positive results but highlighted a need for more targeted discussions.