Lobbying Activity 2011.

In 2011 we responded to over 55 Government and FSA (Financial Services Authority) papers on relevant regulatory issues such as corporate governance, stewardship, financial regulation, pension legislation and welfare reform.

We have a clear set of public affairs priorities for our business. In 2011 these included:

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Area of Interest

Summary of our views and submissions

UK Infrastructure Investment

We are supportive of initiatives to facilitate institutional investment in UK infrastructure and have been strong supporters of the Green Investment Bank and related initiatives. We are participants in an ABI working group reporting to the Treasury on this topic.

Risk-sharing (Group Protection, Individual Protection, long term care)

We believe that the insurance industry can support government expenditure objectives through participating in greater public-private risk-sharing. For example, our experience of rehabilitation and early intervention could have a positive impact on improving return to work rates with corresponding benefits for individuals, employers and reductions to welfare costs. We are working with the DWP (Department of Work & Pensions) on this topic.

RDR and Simple Financial Advice

We support the Retail Distribution Review as greater transparency and customer awareness should be improved by clearer pricing guidelines. There is however a risk that this could reduce access to financial advice for the less affluent.

Simple Financial Products

A number of simple financial products are already available. Awareness and access to these products could be improved by education and further simplification in some areas.


We support the principle of auto enrolment and a clearer and increased flat rate basic state pension as we believe that this will encourage more individuals to make increased provision for their retirement. We are closely engaged with the DWP on the practicalities of auto-enrolment and related pension reforms.

Financial Regulation

We are closely engaged with the relevant EU and UK authorities on reforms to both prudential and conduct regulation. This includes Solvency II, resolution arrangements for systemic institutions and other EU and UK legislation. Our aim is to ensure that the regulatory response to the credit crisis of 2008/9 is proportionate and, while adding to financial stability, does not damage the interests of consumers, investment or the broader economy.


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