ABI: Draft Financial Services Bill a “useful contribution to the debate”

ABI response to the recommendations made by the Joint Committee on the Draft Financial Services Bill

Hugh Savill, Director of Prudential Regulation, ABI said

“The report is a useful contribution to the debate on financial services regulation and proposes several improvements to the Draft Bill.

We are pleased with the specific points relating to insurance which we have been lobbying for in the past few months, particularly the need for close co-ordination between the PRA and FCA and the need for at least one member of the PRA Board to have specialist expertise in the area of insurance. We do however believe more needs to be done and we will continue to lobby against other recommendations which are less positive for consumers.”