Banking rules could damage insurance sector - ABI

Insurers are worried the Chancellor may seek to read-across new rules for banks to insurance companies when they may not be suitable, and are also worried about the effects new regulation will have on competition. The ABI is keen to emphasis that insurance and banking are very different, with short-term liquidity risk not forming a major concern for insurance companies. It says a read-across of prudential stability solutions for the insurance sector could be damaging. "The Turner Review is an important milestone in the path to a new regulatory world," says ABI director general, Stephe...