View more on these topics

ABI warns against “lazy” regulation

The Association of British Insurers has warned regulators and governments against a “lazy adoption of banking rules” to other areas of financial services.

In its new report, Restoring Market Confidence, the ABI says that any changes should tackle the problems that arose in the banking sector, but should not apply to the rest of financial services.

The ABI report also argues that regulation must not inhibit the ability of firms to offer competitive products for consumers, or add unnecessary costs to businesses.

The report comes ahead of the deadline for consultations to the Turner Review on June 15.

The ABI says an area of concern to insurers is the lack of recognition for the prudential regulation of UK insurers and the developments under Solvency II of risk assessment modelling across the EU.

ABI director general Stephen Haddrill says: “Insurance is not banking and should not be regulated in the same way. We need targeted sector-specific changes, and not a lazy adoption of banking rules to other parts of the financial services sector.

“If this happens, UK-based insurance companies will suffer the damage to profitability, prosperity and innovation for a generation. As a global leader and major UK employer, the consequences of this would be felt throughout the British economy and beyond.”



Short-dated bond option from S&W

Smith & Williamson Investment Management has introduced its short-dated corporate bond fund for risk averse investors looking for better returns than available from cash deposit rates.

Lords seek clearer delegation of powers to supervise banks

The House of Lords economic affairs committee has called for macro-prudential supervision to be given to the Bank of England’s financial stability committee rather than left with the FSA.In its Regulation and Banking Supervision report, published this week, the Lords committee says the BoE financial stability committee should have “direct access to the information req-uired […]

IP business increases 13% but IFA sales dip by 5%

Income protection sales increased by 13.5 per cent in 2008, a report by Swiss Re has revealed.In its annual term and health watch report on the UK protection market, Swiss Re found the number of IP policies sold last year increased by 13.5 per cent to 126,815 from 111,780 in 2007. But polices sold by […]


Natixis Global Asset Management’s quarterly Portfolio Barometer offers insights into UK financial advisers’ model portfolios and the allocation decisions they are making. Natixis’s Portfolio Research & Consulting Group works with financial advisers and other intermediaries to analyse and enhance their model portfolios and help them develop investor portfolios suited to today’s complex markets. The Portfolio […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 3rd June 2009 at 3:22 pm

    ABI warns against “lazy” regulation
    I think I must have blinked and missed something. Can anybody tell me when the FSA started regulating the banks?

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm