Hiscox takes aim at insurance regulators
The insurance veteran Robert Hiscox has slammed the industry's representation and supervision, with the Association of British Insurers (ABI) and the Bank of England bearing the brunt of his attacks.
At the Insurance Day Summit in London, Mr Hiscox accused the ABI of being weak, focusing on the wrong issues and not caring enough about general insurance. "It is a shame the ABI is so utterly feeble – it's obsessed with corporate governance, then life insurance," said Mr Hiscox, who is to step down after 43 years at the helm of the Lloyds of London insurer his father set up.
Mr Hiscox, right, criticised the Bank of England, which is to take over responsibility for the insurance industry from the Financial Services Authority. The industry will be regulated through the new Prudential Regulation Authority, within the Bank of England.
Mr Hiscox said the Bank lacks insurance industry expertise at the top levels. "We must insist someone with insurance expertise is made a deputy governor of the Bank of England so we have our own insurance department in it," he said. "If the thriving and very important insurance industry is to be regulated by the Bank of England, can we please have someone in a senior position who knows about our industry.
"Can we please work in partnership, talk to each other, and more importantly listen to each other and stop this master/servant attitude, especially as I believe the servant in almost all cases is far more qualified than the master," he added.
A spokesman for the ABI said: "We would not consider ourselves to be feeble. Nor are we dominated by any one sector of the insurance industry."
- 1 Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
- 2 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Cee Lo Green: It is only rape if the victim is conscious
- 5 Katie Hopkins breaks down in tears over weight gain challenge: ‘I hate fat people for making me do this’
Perez Hilton apologises for publishing Jennifer Lawrence naked 4Chan photos
Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Katie Hopkins breaks down in tears over weight gain challenge: ‘I hate fat people for making me do this’
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£30000 - £45000 per annum + benefits+bonus+package: Harrington Starr: Front-Of...
£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...
£700 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, J2EE, J...
£500 per day: Harrington Starr: SQL Developer SQL, C#, Stored Procedures, MDX...