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Regulator brands Solvency II costs 'indefensible'

Regulator brands Solvency II costs 'indefensible'

The Financial Services Authority (FSA) has branded the cost of implementing EU insurance regulation Solvency II ‘frankly indefensible’, according to the Financial Times.

The paper reported that Andrew Bailey (pictured), head of the FSA prudential business unit, called the plans ‘shocking’ and said the costs, estimated to be over £3 billion to UK insurance companies alone, were ‘frankly indefensible'.

Bailey also expressed scepticism at the new timetable for the already much delayed reforms, which are now unlikely to come into force before 2016, the FT reported.

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