Marsh and LMG leaders call for proportionate regulation at parliamentary session
Chris Lay, CEO of Marsh McLennan UK and of Marsh in the UK, and Caroline Wagstaff CEO of the London Market Group, have called for proportionate and agile regulation of insurance in an evidence session at Parliament.
The two leaders shared their views with the Financial Services Regulation Committee on Wednesday as part of its inquiry into the FCA and PRA’s secondary competitiveness and growth objective.
Lay acknowledged there was a perception the industry can at times come across as opposing all regulation because it gets in the way of business.
“The truth is in fact the opposite. We welcome regulation,” he stated.
“Regulation supports consumers and ensures the integrity and stability of the system. We welcome
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
BMS completes David Roberts & Partners buy
BMS Group has finalised the acquisition of David Roberts & Partners, after it was announced in earlier this year.
Review of the Year 2024: Woodgate and Clark’s Simon Jones
Simon Jones, client services director at Woodgate & Clark, explains why digital transformation is no longer a differentiator, circularity in property repairs is key to sustainable claims handling and a lack of air travel means Race Across the World is the perfect reality TV show for him.
Aviva-target DLG launches on Compare the Market
Aviva takeover target Direct Line Group has launched three new branded motor insurance products on Compare the Market, marking its entry on to price comparison websites.
PE house invests in Biba associate member
UK-based private equity firm CBPE has made an investment in specialist insurance and commercial law firm Horwich Farrelly.
People Moves: 16 – 20 December 2024
Keep up to date with the latest insurance industry personnel moves.
Review of the Year 2024: OneAdvent’s Tim Quayle
Tim Quayle, CEO of OneAdvent, raises his eyebrows over the BMS/DR&P deal; would stress the importance of proportionality to the FCA; and believes 2024 will go down as the Era of Stability.
Review of the Year 2024: VIPR Solutions’ Paul Templar
Paul Templar, co-founder and CEO at VIPR Solutions, would like to see the term ‘seamless integration’ consigned to 2024; predicts straight-through processing will become standard practice; and fancies his chances in the Dragons’ Den.
Ex-Das UK boss Coram departs for UK insurer CEO role
The ex-boss of Das UK, Tony Coram, has returned to former parent company Munich Re as CEO of its primary insurance business, Great Lakes (UK).