View more on these topics

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


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.



Citizens Advice urges banks to offer payday loan alternatives

The Citizens Advice Bureau is urging high-street banks to offer personal micro-loans to help cash-strapped consumers avoid taking out payday loans.  Chief executive Gillian Guy says banks should take some responsibility for the booming short-term loans industry and should consider introducing low-interest solutions as an alternative. She says: “Banks can step up to the plate by […]


FCA: No evidence of widespread misselling of interest-only loans

The Financial Conduct Authority says there is no evidence of widespread misselling of interest-only mortgages after research shows just 13 per cent of borrowers say they did not know they needed a repayment plan when they took out their loan.  The regulator has spent the last year conducting a thematic review on interest-only mortgages to […]

Standard Life CFO Jackie Hunt to head Pru UK and Europe

Standard Life chief financial officer Jackie Hunt is joining Prudential as chief executive of UK and Europe. Current chief executive Rob Devey will leave the company at the end of October to pursue new opportunities. Hunt joined Standard Life in 2009 and has held a number of senior leadership roles at Royal & Sun Alliance […]

Schroders sees 240% inflow jump in Q1

Schroders’ assets under management have increased by 11.6 per cent during the opening three months of 2013 after the group witnessed a 240 per cent jump in inflows over the period. The total amount of money managed by the group stood at £236.5bn as of 31 March, the latest interim statement shows, up from the […]

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]


News and expert analysis straight to your inbox

Sign up


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

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