We are the voice of insurance and long-term savings | Contact us

ABI responds to Mark Carneys article in The Times

Mark Carney, the Governor of the Bank of England, has recognised the major role the UK insurance industry plays in the British financial system, in an article in The Times today (note: article behind paywall).

Responding to his comments, an ABI spokesman said:

"Mark Carney rightly recognises the important role of the industry in the economy and its strengths, such as innovative approach, strong capital buffers and its resilience to the previous economic crisis.

"Insurers are subject to stringent ‘twin peaks’ regulation from PRA and FCA, so the industry knows and expects to be held to account, through regulation to ensure best outcomes for consumers that must also enable insurers to continue to innovate to meet the ever changing needs and demands of customers.”

Last updated 01/07/2016