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ABI response to European proposals on the future of financial supervision

The European Commission has released its proposals for a new shape of EU financial supervision. The Commission makes proposals for the membership and duties of the European Systemic Risk Council (ESRC), a European body with macro-prudential responsibilities, and micro-prudential bodies for banking, insurance and securities in the European System of Financial Supervisors (ESFS). Responding to the report, Peter Vipond, the ABI's Director of Financial Regulation and Taxation, commented:

"It looks like the ‘supervisor of supervisors' that we have argued for will become a reality. It will provide consistency across Europe, something desperately needed by companies which operate across national boundaries. The Commission has added substance to the proposals of Jacques de Larosiere, published earlier this year.

"Insurers will want to ensure that regulatory bodies are staffed by people who understand insurance and accept that it raises very different supervisory issues from banking."

Last updated 01/07/2016