View more on these topics

ABI warns against major regulatory changes

The Association of British Insurers says major structural changes to the UK regulatory regime would be a “distraction”, but adds that an EU supervisor is needed to oversee national regulators.

In its Regulation and Markets for the 21st Century report, the ABI says there needs to be greatly enhanced cooperation between the tripartite authorities, but it does not support excessive new regulation.

The report states: “Whilst the ABI continues to support the UK regulatory structure of the tripartite authorities, improvements are needed to ensure better co-ordination between them. Going further is not necessary.

“Structural change will not solve problems of poor communications. The breakdown in dialogue is just likely to be shifted to a new boundary. And structural change would be distracting at a key moment.”

The ABI says proposals for a twin-peaks approach to regulation could drive costs up by increasing competition between regulators and could make a unified national front more difficult to achieve.

But it championed the creation of an EU body that would act as a supervisor of national regulators.

The report states: “It would not undertake supervision itself, but have oversight of the supervision conducted by national supervisors, with group supervision arrangements being a particular concern. The body should be responsible for ensuring consistent supervision standards across Europe, with binding mediation powers necessary for that role. Over time the body would take the lead in the development of supervisory rules.”


Police swoop in mortgage case

The City of London Police have arrested nine people in a suspected £40m mortgage fraud probe. The investigation centres on defunct brokerage Eastbourne Financial Services.

Tories to take FSA down

The Tories may oust the FSA should the party gain power, if a report by former Treasury adviser Sir James Sassoon is any indication.

FSA offers rewards for failures

Adair Turner has claimed that for the FSA to do its job better in the future than it has to date, it is going to need to pay its staff even more than it does already.


News and expert analysis straight to your inbox

Sign up


    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 advice.

    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