Biba chief executive Eric Galbraith calls on government to secure the position of London as a global financial centre
Biba chief executive Eric Galbraith has warned the government that London must remain competitive to continue to attract overseas investment.
“London’s current good fortune is not guaranteed to last forever,” Galbraith said. “We must be vigilant in maintaining the right conditions for it to flourish. In particular, Government must ensure that London remains competitive internationally in all areas, particularly infrastructure, tax and skills.
Addressing 2,800 members of the broking industry in London, he reminded them that much of the London market is overseas-owned, and he called on the government and the City of London to ensure that London maintains its status as a global financial centre.
“For government to maintain its attractiveness to capital and to the skilled people who manage it, government must not become complacent. To do so, would be to ignore one of our greatest assets,” he said.
Galbraith also reiterated the importance of principles-based regulation, and called on the FSA to accelerate its moves towards reducing red-tape and bureaucracy.
“It is BIBA’s profound belief that anyone selling insurance should be subject to the same regulation – a level playing field.”
On the Insurance Mediation Directive (IMD), Galbraith expressed “some serious concerns” about suggestions that the European Union is to institute a review of the IMD in 2008 and 2009.
“Namely the potential for the EU to focus its spotlight on insurance brokers while turning a blind eye to the direct and secondary market.
