IIB supports Treasury’s financial stability report
The Institute of Insurance Brokers (IIB) has expressed its support for the overall objectives expressed in the joint publication by HM Treasury, the Financial Services Authority (FSA) and the Bank of England – Financial stability and depositor protection: strengthening the framework. Ann Peel, head of technical services at the IIB, said: “The stability and resilience of the financial system is essential to the future of the financial services industry and to the country as a whole.”
IIB responded only to those parts of the consultation which most directly affect its members. In particular, it highlighted the threat to insurance brokers and other small intermediaries as a result of their obligations under the Financial Services Compensation Scheme (FSCS).
“We have previously expressed our view that too much emphasis is placed on the FSCS as the safety net for the FSA’s own regulatory failings,” added Ms Peel. “The Northern Rock debacle has demonstrated the ineffectiveness of
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