Regulators need to focus on the future instead of the past, according to the chief executive of Axa Corporate Solutions.
Speaking at the International Underwriting Association's (IUA) biennial conference in Gleneagles last week, Jean-Marie Nessi also called for worldwide regulation.
“The regulator is looking behind and trying to address problems that happened ten years ago; for example if a company went bankrupt,” he said.
“The regulatory environment which we work in is totally unadapted to what we try to build in the future.”
He explained that it was easy for regulators to get out of touch because “the environment is changing so quickly” with the use of advanced technology. But Nessi emphasised the importance of change “especially because we need regulation on a worldwide basis that we currently do not have”.