Consultation paper outlined by business secretary Vince Cable
Business secretary Vince Cable’s review of City short-termism has been welcomed by the ABI.
In his speech at the CBI annual conference, the secretary of state for business announced a wide-ranging consultation paper looking at foreign takeovers, the role of short sellers and hedge funds and whether remuneration levels push companies to make short-term decisions.
The ABI's acting director general Maggie Craig said: "The insurance industry are long-term investors and welcome efforts to promote a longer term attitude to investments. The secretary of state for business is absolutely right to recognise that the way to achieve this is through a balance of regulation and best practice and not an overly prescriptive approach."
"We believe that in order to truly promote a long-term approach, there needs to be a consideration of the wider current regulatory framework for long-term investors and the incentives in place. For over twenty years, there has been a trend to promote short-term gains through various tax and regulatory initiatives. Long-term equity investment requires a level playing field."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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