ABI reaction to Financial Services and Business Bill

Tuesday, 30 June 2009 12:00 AM

Responding to details of the draft Financial Services and Business Bill, Peter Vipond, the ABI's Director of Financial Regulation, said:

"Enhancing the FSA's powers, so long as they are accountable, will be of real benefit - especially the ability to act at short notice. It is equally important to make sure the powers are exercised in conjunction with those of the Bank of England."

"The promise to take action to retain the UK as a leading financial centre is a welcome pledge. This is a crucial juncture for the reputation of the UK and the expected future wave of regulation, if handled badly, could do the UK economy real harm. This pledge to retain competitiveness should also influence corporate and personal taxation and wider business policy."

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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 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.

3. An ISDN line is available for broadcasts.

4. More news and information from the ABI is available on our web site, www.abi.org.uk.

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