Theresa Villiers
Main Page: Theresa Villiers (Conservative - Chipping Barnet)Department Debates - View all Theresa Villiers's debates with the HM Treasury
(2 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
John Glen
The FCA has been looking at this matter, and last week my colleague the Secretary of State for Levelling Up, Housing and Communities wrote to the FCA to ask it to look at whether there is a market failure. Since then, it has written back, with the Competition and Markets Authority, to say that they are engaging with the industry and will produce a statement on the matter in due course. I recognise the concerns that the hon. Member has raised and the dysfunctionality that may exist in the market, and it is important that that is looked at carefully.
Theresa Villiers (Chipping Barnet) (Con)
Reform of Solvency II could unlock billions to create jobs, enhance prosperity and help to raise living standards. May I ask the Government to make some progress on this?
John Glen
We are making progress. We are in deep conversations with the Prudential Regulation Authority and its actuaries on the way that the risk margin and the matching adjustments should be altered to release that additional capital. We are confident that progress will be made and we are also working closely with the insurance industry to see that that comes to pass.