ABI warns against duplication in regulatory reform
The Association of British Insurers (ABI) has called for transparent and accountable co-ordination between the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
The statement came as the trade body responded to H M Treasury's consultation: A New Approach to Financial Regulation, which closes today, 14 April.
Otto Thoresen, the ABI's director general, said: "It is vital that the new PRA and FCA do not duplicate each others' activities. Without clear co-ordination and sharing of information, firms could suffer the unnecessary cost of having two overlapping regulators.
"To achieve the best outcomes for firms and consumers both the FCA and PRA must work in
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