The Lloyd’s Market Association (LMA) welcomes the UK Government’s Financial Services Growth and Competitiveness Strategy, which recognises the insurance sector’s importance, specifically the role of Lloyd’s of London, according to Arabella Ramage, Legal and Regulatory Director at LMA.
The Strategy sets out the government’s ten-year plan to enable the UK to be the global location of choice for financial services firms to invest, innovate, grow, and sell their services throughout the UK and globally.
Ramage said, “The clarity that the Government must enable regulators to regulate for growth as well as risk without diluting their reputation internationally should enable our market to compete more effectively internationally.”
She noted that its ambition to “double down” on the insurance sector’s strengths through streamlining the regulatory burden is something LMA members have been requesting.
“We are pleased to see the call for regulators to take specific steps to support our members writing large risks and innovative lines by streamlining the product governance and fair value requirements, and removing unnecessary consumer protections for large or specialist customers. These are reforms we have called for in numerous interactions with the FCA,” said Ramage.
She also stated that the proposed streamlining of the Senior Managers and Certification Regime will enhance LMA members’ international competitiveness and their ability to attract new capital and talent. It will also feed into the ambition of faster authorisation of new firms, the proposed new regime for captive insurers, and reforming the Financial Ombudsman Service.
“Many of these reforms require further consultation and, in some cases, legislation. We very much hope that the impetus is maintained,” Ramage concluded.
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