ABI chairman: Solvency II could cost more than £100m

ABI chairman Tim Breedon says Solvency II regulation could cost large insurance firms at least £100m to implement, reports the Telegraph.

But Breedon says, while the regulation will benefit consumers, costs need to be kept to a minimum.

Breedon also criticised the Government’s plan for regulation for banking and insurance to be conducted by the bank of England after the dissolution of the FSA.

In the Telegraph, Breedon wrote: “‘One size fits all’ regulation makes no sense, intellectually or in practice, when the risks each sector runs are so profoundly different.”