Hiscox FD calls for regulatory umbrella body

Hiscox FD calls for regulatory umbrella body

The FD of the Lloyd’s insurer has to cope with IFRS and a heavy load of insurance-specific regulation for capital modelling and solvency

Stuart Bridges, the group finance director of FTSE 250 insurer Hiscox, has
called on regulators to establish an umbrella body to control the deluge of
regulation that UK plc has faced over the past year.

The FD of the Lloyd’s insurer, which provides cover for classic cars and
hurricane damage, has had to cope with IFRS and a heavy load of
insurance-specific regulation for capital modelling and solvency.

Bridges said the regulatory burden would be far easier to handle if there was
a single body for all companies – not just the insurance companies that already
collate and manage regulation in a more controlled manner.

‘All the work that has been done on regulation by individual groups needs to
be taken to a higher level. There needs to be an umbrella body, maybe the FRC,
to make sure that what these different groups are doing fits together,’ Bridges
said in the interview.

He added that coping with the wave of regulatory change would be easier if a
co-ordinating body was in place.

‘It has been difficult to keep an eye on the business because such a large
part of management resources have been dedicated to IFRS and regulation,’ he
said.

For the full interview with Stuart Bridges click
here

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