Lords Committee calls for “a broader reassessment of regulatory culture”
The Industry and Regulators Committee has outlined concerns about proportionate regulation in the London Market in a letter written to the Economic Secretary to the Treasury, John Glen MP.
The document follows the House of Lords Committee’s inquiry into commercial insurance and reinsurance regulation.
The Minister gave evidence to the Committee as part of its inquiry on 31 March.
In the letter, the Committee outlined the concerns it heard from the industry about a lack of proportionality in the regulation of the London Market by the Financial Conduct Authority and the Prudential Regulation Authority, which was described as overly demanding and burdensome.
The group made a
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