'How not to do it': Tyrie pans EU over 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 ...