Solvency II: Time for a re-think?
Held on Thursday, January 19, 2017, from 12.30-2.15pm
With support from Kemp Little LLP
Hugh Savill (Association of British Insurers)
Anthony Hilton (Evening Standard)
David Rule (Bank of England)
Ralph Lovesy (Kemp Little LLP)
Shortly after the referendum, the Treasury Select Committee announced a review of Solvency II – the omnibus Directive that seeks to do for the EU insurance industry what CRD IV did for banks. The Committee’s intention is to see what improvements can be made in the interests of consumers.
Submissions are underway. The PRA has – tentatively – conceded that “targeted reforms” could be made. Whether these will be sufficient to satisfy the insurance industry is a matter of debate. In evidence to the Committee, at industry events, and in the press, insurance firms are making a concerted bid to relax the rules.
Are the UK’s rules really “gold-plated”? Would a loosening of the rules prompt a blossoming of consumer choice and a rise in infrastructure investment? And if they were slackened, how would international regulators respond?
Clearly, the industry and the regulators don’t necessarily see eye-to-eye on this – and any discussion will reflect differences of opinion. But it is an important area, and we are, therefore, delighted that we have been able to put together a distinguished panel of experts:
- Hugh Savill, director of regulation at the ABI. Hugh is a member of the ABI’s executive committee, and represents the UK insurance industry in the EU and internationally. Previously, Hugh spent twenty years at the DTI specialising in EU regulation.
- Anthony Hilton, whose 30+ years at the Evening Standard have included spells as chief executive, City editor and financial editor. An award-winning journalist, he has also had a successful commercial career including time as a NED of a Lloyd’s insurance company.
- David Rule, executive director of insurance supervision at the Bank of England, a former co-head of UK banks supervision and head of prudential regulation, and a long-standing member of the CSFI’s Governing Council.
- Ralph Lovesy, head of financial regulation at Kemp Little. He has held senior positions in private practice and at the FCA, most recently as head of legal at a private bank. His clients include FinTech firms and new market entrants.
How to approach regulation in a post-Brexit Britain is a debate affecting our entire industry. If you (or a colleague) would like to join the discussion, please call the office on 020 7621 1056 or email firstname.lastname@example.org. As usual, sandwiches, wine and soft drinks will be provided, courtesy of Kemp Little.