ABI prepares for Conservative government

The head of the Association of British Insurers (ABI) has all but waved goodbye to the Financial Services Authority. In a speech to the market recently, director general of the ABI Stephen Haddrill said with the Conservatives favourite to win the next general election “perhaps it is worth a few words of farewell to [the FSA]”. Under the Conservatives’ plans, the FSA would be dissolved and its prudential regulatory functions taken on by the Bank of England. It also plans to launch a new Consumer Protection Agency, which will look over insurance businesses such as brokers as well as set the agenda for consumer issues across the board.