ABI: Principles-based regime will lead to better outcomes

ABI: Principles-based regime will lead to better outcomes

ABI: Principles-based regime will lead to better outcomes

The FSA’s determination to push forward towards a principles-based regulation regime will lead to better outcomes for both consumers and financial services companies, according to the ABI (Association of British Insurers).

Commenting today on the FSA’s new publication, Principles-based regulation: Focusing on the outcomes that matter, ABI Director General Stephen Haddrill said:

“The FSA has today confirmed its high-level commitment to a principles-based regulation regime and also signalled some of the challenges that this will raise. We agree that a principles-based approach will lead to better outcomes for consumers as well as companies. It is also encouraging to see the FSA’s determination to resolve some of the issues ahead of us, including the role of the Ombudsman Service and European legislation.”

Notes for Editors

1. Principles-based regulation is one of the issues to be debated of the ABI’s Biennial Conference on 10 May. The panel discussing this will be chaired by Fiona Fry, Board member, KPMG and includes Clive Briault, Managing Director – Retail Markets, FSA; Nick Prettejohn, Chief Executive UK and Europe, Prudential; Melanie Johnson, Deputy Chair, Customer Impact Panel and Andy Homer, Group CEO, Towergate Partnership. More information on the 2007 conference can be found at: www.abiconference.co.uk If you would like to attend the conference, please contact Berenice Seel, Berenice.Seel@abi.org.uk for a media accreditation form.

3. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 91% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

4. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk