A relaxation of rules – dubbed “Big Bang 2.0” – in an effort to free up billions of pounds of investment in infrastructure projects, increased the risk that a pension provider may lack the cash to meet its commitments, Andrew Bailey told MPs
Ministers are proposing a series of financial market alterations, called the Edinburgh Reforms, to give the UK financial sector a competitive edge in global markets Financial reforms designed to boost growth in UK financial services and the City of London “increased risk” to insurance companies and policyholders, the Governor of the Bank of England has said.
Equitable Life, once the world’s oldest mutual insurer set up in 1762, had to close in 2000 amid scandal after coming close to collapse in the face of unsustainable guarantees to policyholders.as the company ceased trading to new customers and slashed payments to existing ones. A decade later, the Government announced compensation of £1.5bn.
Bank Governor Andrew Bailey also warned there was ‘something of a hangover effect’ from the September mini-Budget which oversees the work of the insurance industry, told MPs on the Treasury Select Committee that changes to insurance regulations increased the risk that a pension provider would run out of capital to support their promises. “The reform package as a whole increases risk,” he said. “That’s a trade-off that the Government has made.
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