ABI supports the De Larosiere report on future level and quality of regulation.

(From InsuranceNewslink.com)

The De Larosiere reports key recommendations will help rebuild trust in European financial services regulators, says the ABI (Association of British Insurers). The ABI particularly supports De Larosiere's calls for the early adoption of the Solvency II directive, the proposed strengthening of supervisory powers at European level, and reform to the governance of the IASB.

Stephen Haddrill, the ABI s director general, said "The De Larosiere proposals challenge regulators, and those they regulate, to think differently. Whether in London, Brussels or New York we must rise to the challenge, not keep our heads in the sand. Narrow views of national interest must give way to effective international collaboration. De Larosiere's group is therefore right to propose strengthening the coordination of supervision across Europe's boundaries.

De Larosiere's proposals also rightly recognise the dangers of more regulation, and instead focus on the need for better quality supervision and oversight."

Haddrill added "Global financial markets must remain open, with capital flowing to where it can be best used for consumers and investors. But the crisis has shown that international markets must be effectively supervised by regulators that understand cross-border risks.

We therefore support the increased resources and powers for Level Three committees and, in due course, the plans to transform the committees into European Authorities as part of ...