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.”