ABI Calls EU Single Market Directive a ‘Breath of Fresh Air’

The Association of British Insurers (ABI) has issued a bulletin endorsing the European Commission’s new approach to the single market for financial services.

Speaking on the day that the Commission published its Green Paper on Financial Services Policy (2005-2010), Stephen Sklaroff, ABI Deputy Director General, stated: “Today’s Green Paper is a breath of fresh air from the Commission. Commissioner McCreevy’s proposals reflect many of the points put to him by the UK financial services industry over the last year. We are particularly pleased that the Commission has put so much emphasis on its new determination to ensure that there is a proper cost-benefit analysis before new legislation is proposed.

“The European consumer has a lot to gain from open competition within the European Union between financial services companies. Consumers have little to gain from more regulation and red tape. The Green Paper strikes the right balance – now we need to see the results.”