The Association of British Insurers (ABI) has indicated that the insurance industry wishes to work in partnership with the new Financial Conduct Authority (FCA).
ABI Director General Otto Thoresen, speaking at the ABI’s ‘The Way ahead for conduct regulation’ conference, will warn against the possibility of a predator-prey relationship between the regulator and industry.
Thoresen will also call upon the Government to ensure that the FCA is aligned to society’s broader needs, such as encouraging an ageing population to save more.
Throughout the financial crisis the insurance sector has proven more resilient than banking, and Thoresen has indicated the industry’s strong support for the creation of the FCA.
Low interest rates and growth coupled with an ageing population present the country and insurance industry with new challenges, and Thoresen will call upon the FCA to support the industry as it seeks to develop solutions.