PRA chief sets out future vision
Julian Adams, director of the Financial Services Authority’s (FSA) insurance division and soon to be in role at the Prudential Regulation Authority (PRA), has moved to address concerns that the new regulator would be overseeing the banking and insurance industries without understanding the differences between the two.
In a speech entitled, Is the insurance industry safe in the PRA's hands?, he told an audience at Lloyd's that he hoped updates from the Bank of England and the FSA throughout the year had addressed concerns that a subsidiary of the Bank "might somehow fail to appreciate that insurance companies and banks are different."
He continued: "And indeed in many respects general insurance and life insurance are as fundamentally different from each other as both are from banks. These differences need to
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