A lack of trust between national regulators means European authorities should start considering a single European prudential superviser, the ABI says.
The trade body says a transition from a system based on twenty-seven national regulators to a single regulatory body would need "thorough and detailed" planning and admits "we may never get there". However, it concludes a "failure of trust" between national regulators "makes this the right time to start the exploratory work". The proposal is the last of the trade body's three-stage plan to help restore confidence and trust in European financial services. In its paper ‘The Insurance Industry: Rebuilding Confidence in Europe', it argues as the new European Commission and European Parlia...
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