“This massive increase in regulatory fees comes in a year when insurers already face increased costs associated with implementing the Retail Distribution Review, Solvency II, changes to gender risk pricing and auto-enrolment.
"We knew that there would be a cost involved in moving to twin peaks regulation but, in this difficult financial environment, all organisations need to be focussed on controlling their costs. While insurers will do their best to absorb these costs, some will inevitably be passed on to the small companies and private individuals who are customers of the insurance industry at a time when they can least afford it.”
Media Relations Officer
T: 0207 216 7514
M: 07725 372636
Association of British Insurers
51 Gresham Street