ABI responds to further financial stability consultation

ABI logo for press releases

Tuesday, 01, Jul 2008 12:00

Responding to the Treasury’s further consultation on financial stability and depositor protection, released today, Peter Vipond, Director of Financial Regulation at the ABI, (Association of British Insurers) commented:

“It is vital that any change in legislation should not undermine the FSA’s role of supervising financial institutions and promoting financial stability. There has to be clarity in the roles of the Treasury, the FSA and the Bank of England.

“Depositor protection is an important element in restoring confidence and making payments faster and raising awareness of the protection available will help. However, the best form of depositor protection is top-class supervision.”

- ENDS -

Notes for Editors

1. Enquiries to:

Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)

Jonathan French 020 7216 7392 (Mobile: 07958 330 480)

Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)

Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk