TheCityUK Comments On Solvency II

Responding to the long-awaited agreement on the directive to amend Solvency II taken by European policymakers, Chris Cummings, Chief Executive of TheCityUK, commented:

“This is a definite step in the right direction, and shows that businesses and their representatives can make an impact on policy decision making in Brussels.

“The calibrations agreed upon will, we hope, increase the transparency of the package of regulations and ease the transition from Solvency I to Solvency II for the insurance sector.

“This step also shows that policymakers are responding to industry concerns, recognising the need for European regulation to support the competitiveness of financial services both in the UK and Europe.”