ABI responds to Sir Wim Bishoff/ Chancellor group report on the future of UK financial services

ABI responds to Sir Wim Bishoff/ Chancellor group report on the future of UK financial services

ABI responds to Sir Wim Bishoff/ Chancellor group report on the future of UK financial services

ABI responds to Sir Wim Bishoff/ Chancellor group report on the future of UK financial services.

UK-based financial services leaders have reported to the Government on the future of UK international financial services. The ABI’s Chairman, Archie Kane, was a member of the group. Commenting on the report, Peter Vipond, the ABI’s Director of Regulation said:

“This report contains many sensible and useful suggestions, which should help ensure the current banking crisis does not taint the benefits of financial services to consumers or the UK economy.

“The report also recognises that regulators must not read across from issues in banking to other sections of the financial services sector, and regulation must not inhibit the ability of firms to offer competitive products for consumers. As the report says, we need ‘responsible financial innovation with effective oversight.’

“The goal of closer working by Government and industry to ensure more stable and effective systems of tax and regulation must be made a reality as soon as possible. This is something the insurance industry has long asked for, and already started, including meetings with the Chancellor. This spirit of closer co-operation has already made a difference, with positive changes in the Budget over the taxation of foreign profits of UK domiciled firms. The changes to pensions tax relief for higher rate taxpayers shows there is still work needed to improve communication between industry and Government.”

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