ABI backs creation of EU regulator

Launching a report on the future of regulation and markets, ABI director general, Stephen Haddrill, said poor regulation in the banking sector was damaging to insurers. The ABI believes five principles should be adopted to ensure regulatory reform works for consumers, with cross-border regulation one of the biggest suggestions. Today's report has been published ahead of a G20 summit in London, due on April 2, in which international regulation will be a major topic of debate. The ABI wants a EU-wide regulator to manage prudential requirements for firms, to ensure consistent standards a...