The ABI has commended Gordon Brown for freezing Insurance Premium Tax (IPT) and offered conditional support for proposed regulatory reforms.

ABI director of financial regulation and taxation, Peter Vipond, said: “The Government is right to freeze IPT. This is entirely justified by the fact that the Government took £2.4bn for the current tax year, charged on insurance products that provide protection to policyholders and their families.

"The Government's announcement of systematic reform of Britain's regulatory system is welcome news, but we will be looking for substantial policy changes to combat over-regulation."

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