Dominant European bancassurers who hold "considerable" influence over the European Commission (EC) are continuing to lobby against RDR-style changes in Europe.
Matt Connell, principal of government and industry affairs at Zurich Life, warns the European bank lobby could undermine the RDR and create a two-tier regulatory system in the UK. The European Commission (EC) is currently holding its own review of packaged retail investment products (PRIPs), which follows the lead of the RDR. However, Connell is concerned the power of the EU bancassurance lobby could have grave consequences for the RDR in the UK. "The EC seems to be sympathetic to the ideals of the RDR and the proposed UK distribution model, but European bancassurers are lobbying ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes