ABI concerned over new regulators

The Association of British Insurers (ABI) has warned the new regulatory structure could lead to dual supervision for its members.

The Association of British Insurers (ABI) has warned the new regulatory structure could lead to dual supervision for its members.

It has called for co-ordination between the new Prudential Regulation Authority and the Financial Conduct Authority to ensure minimal regulatory overlap for the insurance industry.

The trade body’s comments come in response to the Treasury’s consultation A New Approach to Financial Regulation.

Otto Thoresen, ABI director-general, says: “It is vital that the new Prudential Regulation Authority and Financial Conduct Authority do not duplicate activities.

“Without clear co-ordination and sharing of information, firms could suffer the unnecessary cost of having two overlapping regulators.

“To achieve the best outcomes for firms and consumers both the FCA and PRA must work in a co-ordinated, joined-up and transparent manner.”

He added: “If there is clarity about who is responsible for what, and everyone is aware of the rules and decision-making processes across the board, then understanding should increase and consumer detriment decrease.”

Register for Updates

Register to receive news updates straight to your inbox.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Newsletter

Sign up to our newsletter
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Technology Form

  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

Get in touch with us

We're ready to show you the future of consulting. Just fill out the form below!
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

PPI Case Handler Profile

Complete your details below to receive our PPI Case Handler profile.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Subject Access Request

    We require basic personal details to locate you on our records.

Request to Delete your Personal Data

    We require basic personal details to locate you on our records so we can delete your information.

Request to Withdraw Opt-In

    We require basic personal details to locate you on our records.