ABI hits out at EU over standards interference

The UK’s insurance representative body has hit out at the European Union for failing to endorse the IASB’s new standard on financial instruments.

In a letter to the Financial Times Peter Vipond, the Association of British Insurers’ director of financial regulation, attacked the “increased politicisation” of the standard setting process and the EU’s approach to IFRS 9.

“It was pressure from the European Commission earlier this year that prompted the IASB to bring out IFRS 9. It is unhelpful that pressure from within the EU has stalled the endorsement process. This confusion helps nobody in the end,” wrote Vipond.