New Gov't Rules Plan Too Weak On Growth, Insurers Say

By Lucia Osborne-Crowley (November 10, 2021, 11:44 AM GMT) -- The government's new plan to overhaul the country's financial services regulation after Brexit does not go far enough in pushing watchdogs to prioritize economic growth and competitiveness on the international stage, a trade body for the insurance sector has warned.

The Association for British Insurers said on Tuesday that it broadly supports a new plan announced by Chancellor Rishi Sunak that would add two new objectives to the finance regulators' priorities.

The new rules would force the Financial Conduct Authority and Prudential Regulation Authority to focus on financial growth and competitiveness, as well as consumer protection and market integrity. But the overhaul...

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