The Association of British Insurers (ABI) has thrown its weight behind the idea of a European ‘supervisor of supervisors’
Stephen Haddrill, director general of the ABI, said Great Britain could not be an ‘island unto itself’, and underscored the need for regulators to oversee financial services on an ‘international’ level.
He said national regulators must look after national issues but in relation to international affairs they must look across borders and co-operate.
The industry body praised the De Larosiere report, published a fortnight ago, which outlines proposals for pan-European regulation, and said it was moving in the ‘right direction’.
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