Trade Agreements

Business, Innovation and Skills written question – answered on 8th September 2014.

Alert me about debates like this

Photo of Roger Godsiff Roger Godsiff Labour, Birmingham, Hall Green

To ask the Secretary of State for Business, Innovation and Skills what information his Department holds on whether the proposed Trade in Services Agreement treaty is likely to contain provisions to prevent the regulation of new insurance products.

Photo of Matthew Hancock Matthew Hancock Minister of State (Department for Business, Innovation and Skills), Minister of State for Portsmouth, The Minister of State, Department of Energy and Climate Change

The UK Government is a strong supporter of the Trade in Services Agreement (TiSA), which provides an opportunity to address barriers to trade in services through seeking to deepen services trade rules and regulatory disciplines and to address market access objectives. There is no intention to prevent the regulation of new insurance products, nor would the UK endorse such a move. Furthermore, the prudential carve-out element of the TiSA agreement will fully protect the ability of UK and international financial regulators to regulate and take any prudential actions for the sake of financial stability or to protect investors, depositors, policy holders or persons to whom a fiduciary duty is owed by a financial service supplier.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.