Insurance Companies: Directors

Treasury written question – answered at on 5 September 2022.

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Photo of Peter Dowd Peter Dowd Labour, Bootle

To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of measures taken to ensure that directors of insurance companies are fit and proper.

Photo of Richard Fuller Richard Fuller The Economic Secretary to the Treasury

The Financial Conduct Authority and Prudential Regulation Authority are independent bodies responsible for the regulation and supervision of the financial services industry. They have set out rules determining the assessment of the fitness and propriety of individuals applying to become an approved person within an insurance company, including director, and are responsible for the monitoring of adherence to these rules.

The government has no plans to change these arrangements.

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