Tories would scrap FSA and assign oversight to the Bank of England

Insurance in the UK is a “major international success story” according to shadow financial secretary Mark Hoban, writing exclusively in this week’s Insurance Times (page 16).

Hoban outlined the Conservative Party’s plans to scrap the FSA and hand responsibility for supervision of financial institutions to the Bank of England. The Conservatives also want to work with financial services and consumers to promote savings and investment.

As the Conservatives prepared for their annual conference next week – perhaps the last before they win a general election – Hoban said: “There are some real challenges facing the insurance sector in the years that lie ahead, and we can work together to meet them and ensure that insurance continues to play a key role in meeting consumer needs at home and abroad.”

Read Hoban's opinion: Making right past mistakes