Sants says Solvency II will cost at least £100m

Speaking at an Insurance Institute lecture in London yesterday, Sants acknowledged the European regulation has "considerable direct implementation costs" which are being borne by UK financial services directly. But he said the FSA was also incurring extra costs as a result of Solvency II which it expects to total about £100m, money it will need to recover from the industry, he said. The nine-figure sum is "towards the low end" of the FSA's earlier estimates, he said.  Solvency II will overhaul the solvency and risk management standards for the European insurance industry, with ...