Regulatory change is needed if London to remain global insurance hub: LMG

The  London Market Group (LMG) has called for UK regulators to take a more proportionate approach to regulation, reform Solvency II and develop a UK captives market in its new five-point plan.

The 5-point plan calls for government, the regulators and industry to work together to:

Sean McGovern, CEO of UK and Lloyd’s at AXA XL and sponsor of LMG’s government relations work, commented: “Right now, the UK government is looking at how financial services should evolve in a post-Brexit world, and the London market wants to seize the moment while there is a willingness to support positive change that can benefit the insurance industry.

“The LMG has taken part in various government consultations on the future regulatory framework and Solvency II. This document will form the backbone of a comprehensive campaign by the LMG, working with ministers, parliamentarians and the regulators to reinforce the importance of the insurance market and to ask for what it needs to continue to grow globally.

“We have put forward a five-point plan to support the UK’s competitive position, grow our exports and deliver increased levels of foreign inward investment into both London and across the regions of the UK, where the market is expanding.”

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