Speaking to an audience of regulators, insurers and consumer groups at the ABI’s Better Regulation Conference today, Stephen Haddrill, the ABI’s Director General, congratulated the FSA’s commitment to principles rather than detailed rules as far as possible, and stressed that now was the time to turn good intentions into reality.  He said:

“Let’s build on the promise of change.  The FSA has shown us a tempting glimpse of a principles-based approach.  Now we have to make it work.  And as we do so, let’s keep our eye on a decade – not a year – ahead.  A decade in which we establish our principles-based approach as the standard for EU and worldwide success.  Success that delivers fairness for customers in a vibrant, growing market”.

- ENDS -

Notes

1.            Enquiries to:       

         Lucy Butler        020 7216 7411 (Mobile: 07712 841 184)

         Alan Leaman    020 7216 7440 (Mobile: 07957 482 330)

         Malcolm Tarling    020 7216 7410 (Mobile: 07776 147 667)

         Jonathan French   020 7216 7392 (Mobile: 07958 330 480)

         Kelly Ostler        020 7216 7415 (Mobile: 07968 364 302)      

2.            The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3.            An ISDN line is available for broadcasts.        

4.            A full transcript of Stephen Haddrill’s speech is available on the ABI website.