Lords Committee writes to Treasury on commercial insurance and reinsurance regulation

Lord Hollick, Chair of the Industry and Regulators Committee, has written to John Glen following Mr Glen giving evidence to the Committee’s inquiry into commercial insurance and reinsurance regulation.

Amongst other things, the inquiry sought views on the global competitiveness of the London Market and how regulation elsewhere impacts this, and on what improvements the UK could make to regulation post-Brexit.

As a result of the feedback received, the Committee is recommending the introduction of a competitiveness objective for the PRA and FCA, and says that, alongside this, it will be essential to establish clear criteria and appropriate performance measures. The Committee has asked that Mr Glen outlines the government’s thinking in this area, and it has also sent copies of the letter to the PRA and FCA.

Lucy Hadrill