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ABI responds to HMT announcement on Solvency II

In his speech to the ABI Annual Dinner,  the Economic Secretary to the Treasury, John Glen MP, set out the Government's plans to "seize Brexit opportunities and slash red tape through bold reforms to Solvency II

John Glen

Responding to the announcement, Charlotte Clark, Director of Regulation, said: 

We welcome this announcement outlining the next steps of the Solvency II review.  We have long advocated for meaningful reform that fully meets the Government’s objectives and helps industry play an even larger role in the levelling up agenda and the transition to Net Zero.

This announcement is a positive step that sees us well on the way to ensuring that we have a package that provides additional investment in the UK, without undermining the high standards of policy holder protection we have. 

We look forward to continuing close collaboration with the Government, Her Majesty’s Treasury and the Prudential Regulation Authority to ensure that any final package of reform meets all of these stated objectives.”

You can read the Minister's speech in full here and for more information, please contact the ABI Press Team.


Last updated 22/02/2022