Oral question asked in the House of Commons, by Stewart Hosie (Scottish National Party). It was answered on Tuesday, 20 December 2022 on behalf of the Treasury.

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Financial Conduct Authority: Loyalty Penalties in Insurance Market.

Question

Subsequent to the changes to the insurance market to protect people from the loyalty payment, the Chancellor announced his Edinburgh reforms to wider financial services regulation and a great many consultations. At a quick glance, many of them closed very quickly—on 5 February, 17 February, 3 March, 5 March and 17 March. Given that the Treasury Select Committee warned over a decade ago that the Government

“needs to take the time required to get its reform of financial regulation right”,

how can we be convinced that the rather painful lessons of the financial crash have not been forgotten?

Answer

For four and a half years, I was the Economic Secretary to the Treasury, and many of those reforms were baked up over a lot of consultation with

industry over many months. The Edinburgh reforms represent an incremental advance on those reforms and have high prudential regulatory standards very much at their core.

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Secondary information

Type

Oral question

Reference

725 c115 

Session

2022-23

Oral question type

Supplementary

Chamber / Committee

House of Commons chamber

Subjects

Consumers Insurance Prices

Link

View this Oral question on hansard.parliament.uk