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Labour MEP hits out at PRA calls for ‘EU-bashing’ Solvency II inquiry

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Labour MEP and Solvency II rapporteur Peter Skinner has hit out at Prudential Regulation Authority demands for a parliamentary inquiry into the directive as it could lead to ”EU-bashing”.

PRA executive director Andrew Bailey has branded the EU process for Solvency II “shocking” and called for the UK parliament to investigate. Treasury select committee chairman Andrew Tyrie says he takes Bailey’s criticisms “very seriously” and the TSC will look at the directive in coming months.

Bailey said the directive has become “lost in detail and vastly expensive” while the EU makes “no allowance for value for money”.

Skinner says: “For a Parliamentary enquiry to focus on process without discussing the complexity and breadth of effect of such a comprehensive form of regulation might be seen as EU bashing rather than a real attempt to deliver real answers.

“Solvency II is the most modern form of insurance regulation probably anywhere in the world and sets the trend for changes to other regimes which are also turning towards a similar risk-based approach.

“Having a common approach to insurance regulations around the world should in all prospect prevent regulatory arbitrage and open markets which otherwise might remain closed or protected because of local regulatory practices and costs.”

Skinner blames delays to Solvency II on national Governments and regulators rather the EU process.

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Comments

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

  1. What Skinner is missing like most of the EU is that they are so focused on blue sky dreaming that they ignore or minimise the importance of the cost/benefit ratio. End result is pension provision suffers for all and ends up damaging those most it is trying to protect. Some could argue that is socialism all over.

    The PRA are right to question this as we are being all being regulated to death in every industry I know. The economist is already pointing towards static labour makets due to (over) regulation.

    The EU and westminster need to wake up and quickly.

  2. Do I hear another cuckoo feathering his nest in Brussels and making his pitch for a lucrative position on a committee? This man should be ashamed of himself as he seems to have not even thought about the cost consequencs for his constituents as the EU continue to spend money at an alarming rate, with no discernable benefit to anyone other than their own bloated civil service.I hope Mr Bailey gives him what for given he at least can see the wood for the trees.

  3. Mr Skinner: clap trap. Has he not seen what happened in similar circumstances? RDR need I say more

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