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Hoban urges caution over European lobbying

Treasury Financial Secretary Mark Hoban says insurers and industry groups should exercise caution as they attempt to take a more “robust” lobbying approach to European regulation.

Speaking at the Association of British Insurers biennial conference this morning, Hoban said the UK needed to “engage fully” with Brussels over regulatory reforms.

However, he urged industry delegates to be “careful” that taking a stronger approach to EU lobbying doesn’t ultimately jeopardise negotiations with European officials.

He said: “We do need to engage fully in the debate in Brussels because it will become more important in shaping the directives and the regulations that impact on the UK.

“It is right to be robust in Europe, but we need to be careful that in being robust we don’t destroy our chances of getting the right agreement for the industry on the different issues.”

KPMG chairman of global financial services Jeremy Anderson said: “The European supervisory bodies are going to play a fundamental part in the development of the industry.

“We as an industry need to be better at articulating the unintended consequences of regulation, for example around Solvency II.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. So shut up and leave it to the Politburo!

  2. John Rawicz-Szczerbo 22nd June 2011 at 4:39 pm

    So we are now fully abrogating any parliamentary responsibility for future financial services regulation are we?

    Are we still going to have future FS legislation that is not compliant with Human Rights legislation in addition?

    These guys just don’t get it do they?

    Let’s make a difficult situation neigh on impossible to repair going forward. And this from a Conservative member of Parliament? Pathetic!

  3. So Mark Hoban MP said the UK needed to “engage fully” with Brussels over regulatory reforms.

    Ok Mark so tell me why you have not “fully engaged” Brussels over the RDR regulatory reform?

    You have largely ignored the European element when it comes to RDR? RDR brings about a position of disharmony between UK and EEA investment firms and may also breach EU law.

    Perhaps it is because you are playing for time in the knowledge that if and when RDR can be challenged in the EU courts it will be too late for many UK IFAs.

    All 3 aspects of the RDR – prescribing the conditions for a firm being able to hold itself out as “independent”; prescribing methods of remuneration; prescribing criteria for competence – are super-equivalent to comparable provisions in the Markets in Financial Instruments Directive aka (MiFID).

    You know that under EU law super-equivalence is not permitted, which is why the FSA are unable to apply their proposed rules to inwardly passporting firms, as this would bring the FSA into direct contravention of Article 31 of the L1 Directive (2004/39/EC).

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