'How not to do it': Tyrie pans EU over Solvency II

Scott Sinclair
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Andrew Tyrie, chairman of the Treasury Committee, and Andrew Bailey, executive director of the new Prudential Regulation Authority (PRA), have rounded on the European Union (EU) over its "shocking" implementation of Solvency II.

The Union has not established a workable timetable after more than a decade of planning and failed to harmonise the vastly different markets of the UK, France and Germany, leading to rising costs, they said. In a pointed example, Bailey said the PRA puts the incremental costs of continuing to implement what it can of Solvency II at about £5-7m annually. The ill-feeling was revealed in a series of letters between Tyrie and Bailey, which have been made public by the Treasury Committee. Solvency II aims to strengthen the prudential regulation of the insurance sector - specifically by ...

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