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ABI says Sassoon must consider European regulation in review

The Association of British Insurers says Sir James Sassoon’s review of the tripartite regime needs to take into account the European regulatory structure.

ABI director general Stephen Haddrill says while Sassoon’s call for the FSA to be reorganaised to put prudential regulation first is a useful addition to the debate, the final version of his paper needs to consider European regulation and its effect on the insurance industry.

Haddrill says: “The final version of Sir James’s paper needs to include the future of the European regulatory structure, a vital issue for insurers, and recognise that whatever shape regulation we emerge with, business and consumers benefit from higher quality oversight, not simply more rules.”

Haddrill says the ABI will be looking at these issues in its own discussion paper on regulation and financial stability on Friday.

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