PRA head tells UK insurers it is time to move on after Solvency II
The senior UK insurance regulator on Monday said it was time “to move on” after a bruising dispute with firms over reforms governing the sector.
Sam Woods, chief executive of Bank of England’s Prudential Regulation Authority, told delegates at an insurance dinner that if the government’s proposed changes to rules for the industry were supported in parliament, “we need to move on from the debate and into implementation”.
Confirming a Financial Times story that Solvency II could be implemented in stages, he said the PRA was expecting to issue two consultations, one in June and one in September, “rather than a Big Bang implementation”. Speaking to the FT following the speech, he declined to comment on which changes would come in each tranche.
This story originally appeared on: Financial Times - Author:Ian Smith
