Two years after the UK officially left the EU, City minister John Glen has said the government will ditch swathes of the Solvency 2 rulebook governing insurers, in a move that will see tens of billions of pounds in investment unleashed.
The news came as Sir Nigel Wilson, chief executive of Legal & General, and Andy Briggs, chief executive of Phoenix Group, said they could collectively plough around £80bn into the UK economy in the wake of rules being relaxed in an investment “big bang”.
Revealing the shake-up at the Association of British Insurers’ annual dinner, Glen said: “EU regulation does not work for us anymore and the government is determined to fix that by tailoring the prudential regulation of insurers to our unique circumstances.”
