ABI announces governance shakeup and new pension board creation

The ABI has announced a reorganisation of its board governance structure, aimed at giving greater decision-making powers to its general insurance committees.

The ABI said that the committees – now known as product boards – will “determine all policy matters in the markets they represent”, freeing up the ABI’s board to focus on “sector-wide strategic discussions whilst retaining oversight of any major cross-cutting regulatory, political or consumer issue”.

In the case that their firm is not already represented, each chair of the newly minted product boards will now be given a seat on the ABI’s board – a move aimed at ensuring alignment between policy streams.

The trade association also announced the creation of a new pension insurance and investment board, to be chaired by David Richardson, chief executive at Just Group.

Richardson commented: “The insurance sector plays a pivotal role in ensuring pension security for millions whilst investing billions across the UK to support jobs, growth and infrastructure renewal. 

“The ABI champions putting the customer at the heart of our industry and I look forward to helping shape the strategic direction of our sector to maximise the benefits to consumers and the wider economy.”

Stronger voice

Meanwhile, Michele Golunska, managing directing of wealth and advice at Aviva, will take over the chair position on the long-term savings board.

Hannah Gurga, director general at the ABI, said: “Our members have been clear that they want a stronger voice in shaping the priorities that matter most to them. These changes put that principle into practice.

“By elevating our product boards and creating the new pension insurance and investment board, we are sharpening our focus, speeding up decision making and ensuring members are driving the agenda on the issues that underpin the UK’s long-term financial security and growth.”