Insurance Companies: Departmental Responsibilities

Treasury written question – answered on 29th June 2021.

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Photo of Bill Wiggin Bill Wiggin Chair, Committee of Selection, Chair, Committee of Selection, Chair, Committee of Selection

To ask the Chancellor of the Exchequer, which Government department holds responsibility for the insurance industry.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

HM Treasury is responsible within Government for insurance and wider financial services policy, including the statutory framework for its regulation and the continued effective operation of the regulators.

Conduct and solvency issues in the insurance sector are the responsibility of the Financial Conduct Authority and the Prudential Regulation Authority respectively. The Treasury has strictly limited powers in relation to these organisations, which are operationally independent regulators.

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