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Banking Reform

Part of Business of the House – in the House of Commons at 1:18 pm on 17th June 2010.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 1:18 pm, 17th June 2010

My hon. Friend makes a good point about the role of insurance. In this crisis, we must ensure that we distinguish between what has happened to the banking sector and the relative success of the insurance sector in withstanding the storms of this crisis. It is an important sector to the UK economy and a huge wealth generator. We need to ensure that the insurance sector, when it comes within the remit of the PRA, has the right sort of prudential regulation that recognises its strengths and challenges. It will of course be regulated as regards its relationship with consumers by the CPMA.

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