ABI welcomes Lord Myner’s speech
Responding to a speech by Lord Myners, Financial Services Secretary to the Treasury at the ABI, on government’s plans for responding to Solvency II, Peter Vipond, Director of Financial Regulation at the ABI, said
“Lord Myners is right to identify the huge contribution insurers make to society and the economy and the importance of the world-leading UK sector. We welcome that the Government has now recognised how vital the Solvency II directive is for an effective UK insurance sector operating in Europe and the consumers it serves, including the value of the international competitiveness of the UK’s wholesale market.
“We agree with Lord Myners there is much left to do and are pleased with his promise that he will work tirelessly to ensure Solvency II is reformed to enhance the strength of the UK industry. UK insurers are firm in their commitment to develop a successful Solvency II and will continue to work with the Treasury, FSA and European insurance colleagues to make sure this reform delivers on its promise to create a stronger future for the insurance industry.”
Notes for Editors
1.Enquiries to:
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2.The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.
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