Mini Budget 22: Government to 'scrap' Solvency II to boost investment

Chancellor says replacing EU law with rules ‘tailor made for the UK’ will free up billions

Jonathan Stapleton
clock • 1 min read

The government will replace Solvency II regulations with “rules tailor made for the UK” in a bid to free up billions of pounds of investment, Kwasi Kwarteng has announced.

In the HM Treasury Growth Plan 2022 - released as part of the Mini Budget today - the chancellor said the financial services sector would be at the heart of the government's programme for driving growth across the whole economy. The plan said that, later this autumn, the government would "bring forward an ambitious deregulatory package to unleash the potential of the UK financial services sector". It said this would include the government plan for repealing EU law for financial services and replacing it with rules tailor made for the UK, and "scrapping EU rules from Solvency II" to fr...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Trade bodies call for chancellor to stop FCA public enforcement

Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock 29 April 2024 • 2 min read
Johnny Timpson criticises DWP's vulnerable customer practices

Johnny Timpson criticises DWP's vulnerable customer practices

Calls for DWP’s approach to be brought in line with regulated sectors

Jaskeet Briah
clock 26 April 2024 • 2 min read
IPT up 11% year on year

IPT up 11% year on year

£8.1bn collected in 23/24

Cameron Roberts
clock 23 April 2024 • 1 min read