Legal experts criticise PRA announcement

A black gavel

The document was issued to explain the current thinking on the approach the Prudential Regulation Authority (PRA) will take on regulating insurance companies.

However, one law firm commented that the likely approach to regulating banks and insurers looked worryingly similar.

Paul Edmondson of CMS Cameron McKenna noted: "Although [Hector] Sants recognises the differences between banks and insurers, and has got a new objective for PRA regulation of insurers into the Financial Services Bill, the

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