ABI welcomes Financial Services Bill

The Association of British Insurers (ABI) has voiced its support for the government's Financial Services Bill (FSB).

Otto Thoresen, director general of the organisation, said that the bill is an "important milestone" in the development of financial regulation.

He said: "The first reading of the Financial Services Bill is an important milestone in the move to twin peaks regulation."

However, Mr Thoresen called for a "clear and realistic" timetable to be put in place so that firms can properly transition to the new system.

"The FSA must ensure that they do not overburden firms in the transition as it is vital that we get the right result on initiatives including Solvency II and the Retail Distribution Review."

The British Bankers' Association also welcomed the new legislation, with chief executive Angela Knight noting that it has come about thanks to the "rigorous groundwork" of the banking industry and parliament.

She added that banks fully support the overhaul of regulations, stating: "It is vital we take this opportunity to build a system where regulation is both effective and responsive to the challenges we face and can also help attract and retain the best and fittest to the ranks of our regulators."

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