ABI warns on extending power of regulators

Speaking at a reception at the seat of the devolved Scottish Parliament in Holyrood last night, ABI chairman Archie Kane warned there is a danger the regulatory response to the financial crisis could squeeze the life out of the UK insurance industry. Instead, state regulators should look to better use the powers they currently have, he said. "I would urge those in the Parliament and Government to focus on what specifically can be done within existing powers to ensure Scotland remains an attractive destination for financial services and business more widely." He said the ABI must em...