ABI responds to draft Queen

ABI responds to draft Queen’s speech on banking reform bill

ABI responds to draft Queen’s speech on banking reform bill

Today’s announcement in the draft Queen’s Speech that the Government plans to further consult on the Banking Reform Bill is a positive move, says the ABI (Association of British Insurers).

Stephen Haddrill, the ABI’s Director General, said:

“The announcement of further consultation is a sensible step. We need to get this right and this will allow valuable breathing space in the process to avoid rushed legislation which could have hurt London’s financial standing.

“We do not feel that the first consultation proved the case for the `special resolution regime` as proposed. We also believe that a higher level of deposit protection,* and prefunding a deposit protection scheme, are not justified.”

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* The current level of protection of £35,000 covers 95% of all depositors

Notes for Editors

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% 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.

3. 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