Charlotte Clark, ABI’s Director of Regulation, said:
“We welcome the Government’s ambitious programme of legislation. The insurance and long-term savings sector looks forward to working with the Government across the range of issues set out in the Queen’s Speech, including regulatory reform, which are of interest to the sector and its millions of customers.”
The Transport Bill
James Dalton, ABI’s Director of General Insurance Policy, said:
“We welcome this Bill, as the insurance industry supports the development of a greener more efficient transport network. Regulation in areas such as e-scooters needs to strike the right balance between ensuring public safety on the one hand and encouraging innovative approaches to transport on the other.”
The Levelling Up Bill/ Levelling Up and Regeneration Bill
James Dalton, ABI’s Director of General Insurance Policy, said:
“By helping ensure many of the most vulnerable are more financially resilient, the insurance and long-term savings industry has an important role to play in helping the Government deliver its Levelling Up agenda. Key to this is to ensure that we protect our flood-risk communities from the rising flood risk, through a commitment to adequate and sustained investment in flood defences, and a planning system that reduces the number of new developments built in inappropriate areas”
Financial Services Bill
Charlotte Clarke, ABI’s Director of Regulation, said:
“We welcome the introduction of the Financial Services Bill and the ambition to maintain and enhance the UK’s position as a global leader in financial services. We support the focus on growth and international competitiveness and look forward to seeing further detail in particular on the objectives for regulators to ensure there is meaningful change. Whilst we welcome post Brexit reform, it’s vital the detail in the Bill meets the stated objectives and delivers a prudential regulatory regime that is fit for purpose and unlocks greater investment in UK plc.”
Energy Security Bill and UK Infrastructure Bank Bill
Charlotte Clark, ABI’s Director of Regulation, said:
“The introduction of the Energy Security Bill is an important step towards accelerating our transition to Net Zero and to having more secure and independent energy supplies. As investors, the insurance and long-term savings sector has a key role to play in supporting the transition and subject to meaningful reform of the Solvency II regime, there is more we can do to provide investment in green infrastructure.
“The announcement of the UK Infrastructure Bank Bill is also welcome as further commitment to the reaching the UK’s Net Zero targets and we look forward to working with the Government, regulators and the wider industry on this most pressing challenge to our planet.”