House of Lords Committee Hears From ABI and BIBA

A quick update from the HoL committee;

On Wednesday 24 June the House of Lords Financial Services Regulation Committee will hear evidence from two witnesses.

At 10.00am, the committee will hear evidence from:

• Chris Bose, Director of General Insurance and International at the Association of British Insurers (ABI).

At 11.00am, the committee will hear evidence from:

• Graeme Trudgill, Chief Executive Officer at the British Insurance Brokers’ Association (BIBA).

These public evidence sessions will be held in Committee Room 1 of the House of Lords and streamed live and on demand on Parliament TV.

These sessions are part of the committee’s inquiry into the regulation of the UK’s consumer insurance market. Topics the committee is likely to cover include:

• An overview of the insurance industry’s response to concerns about claims handling and consumer understanding.
• The impact of the Consumer Duty on the insurance industry.
• How the insurance industry can improve consumer understanding.

More about the Financial Services Regulation Committee

The Financial Services Regulation Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which established a new framework for the regulation of financial services in the United Kingdom.

The committee is chaired by The Baroness Noakes DBE. Its members are: Baroness Bowles of Berkhamsted; Lord Davies of Brixton; Baroness Donaghy; Lord Eatwell; Lord Griffiths of Fforestfach; Lord Hill of Oareford; Lord Hollick; Lord Lilley; Lord Sharkey; Lord Smith of Kelvin; Lord Turnbull; and Lord Vaux of Harrowden.

The committee’s work can be followed on its website and on LinkedIn.