Commenting on Howard Davies's speech to AIRMIC on the future regulation of general insurance, John Parker, Head of General Insurance at the ABI (Association of British Insurers) said:

"Howard Davies has today given full support to GISC and its work. We welcome his acknowledgement of the industry's achievements under this scheme of self-regulation.

It is vitally important that GISC is enabled to play a leading role in the transition to FSA regulation and that, as Ruth Kelly has said, membership of GISC is given due credit in the new arrangements. This will help ensure proper levels of consumer protection and a smooth transition to statutory regulation.

The ABI is meanwhile putting forward constructive proposals for how regulation could work well under the FSA."

Notes

1. The ABI is the trade association for Britain’s insurance industry. Its more than 400 member companies provide over 97% of the insurance business in the UK. We represent insurance companies to the Government, and to the regulatory and other agencies, and provide a wide range of services to our members. ABI member companies account for more than a fifth of investments in the London stock market.
   
   
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