Bailey says policyholders could be squeezed for billions

The Prudential Regulation Authority’s (PRA’s) incoming chief executive Andrew Bailey has criticised the soaring cost of implementing Solvency II.

Speaking to the Treasury Select Committee this week, Bailey said that the cost of the project could be “twice as much” as London’s £14.8bn crossrail infrastructure project, according to The Telegraph.

The escalating costs of implementing the new capital rules could increase premium costs by several billion pounds, he added.

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