Otto Thoresen, Director General, Association of British Insurers said:
“It is good news that the Government has recognised that insurance must be given proper consideration in the new regulatory structure. This is something we have been calling for, and we are pleased that there will be a distinct insurance industry objective built into prudential regulation.
We are also pleased that the Financial Conduct Authority (FCA) will have to promote competition, as this is the something that the industry had raised concerns about. We had hoped for more substantive proposals about exactly how the Financial Ombudsman Service will work with the FCA, so we look forward to consulting further with the Government on this important point. We had hoped for more clarity on how the FOS will work with the FSA.
There will need to be clear detail about how the PRA and FCA should work together to make sure there is no overlap, gaps or confusion if we are all to make this work.”
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