At the Association of British Insurers' biennial dinner in London last night, economics secretary Ru...
At the Association of British Insurers' biennial dinner in London last night, economics secretary Ruth Kelly outlined the government's bottom line in dealing with the industry's interests.
"We are not here to protect special interests. The bottom line is this: our interest is in what you deliver to the economy and to individuals, and that should be your interest too," she said.
Kelly promised the industry that the government would fight its causes in forums such as the EU, where legislation would be passed affecting ABI members.
And she also promised to "step into the breach" where the insurance market was unable to function, such as when terrorists strike.
Kelly admitted the financial services sector was faced by a large number of ongoing reviews -
the Modernising Annuities consultation, the Sandler review, the Pickering review, an Inland Revenue review into the tax treatment of occupational pensions, the Penrose enquiry; and the FSA's review of polarisation - and said the government was committed to the dialogue necessary to make sure the right conclusions were drawn and implemented from these various actions.
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