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ABI welcomes G20 agreement

The Association of British Insurers has welcomed the G20 agreements reached in London yesterday.

ABI director general Stephen Haddrill says the G20 statement outlining its commitments to ensure an open world economy, strong markets and effective financial institutions is move in the right direction.

He says: “The important challenge now is for national governments and regulators to follow fine words with sensible measures which ensure effective regulation and prevent protectionism.

“The EU has a vital role to play here in protecting the single market. The EU and the Financial Stability Forum will need to stick to the principles of modern markets and not try and reinvent older forms of regulation that belong to past eras.”

However, according to Haddrill the UK and London have most to lose.

He says: “Particularly if the fine words of today become the shackles of the future. With the ABI’s members controlling 15 per cent of the UK’s capital, the ABI will be vigilant in monitoring how our authorities rise to this challenge.”

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