Trade in Services Agreement

(asked on 29th August 2014) - View Source

Question

To ask the Secretary of State for Business, Innovation and Skills, what information his Department holds on whether the proposed Trade in Services Agreement treaty is likely to contain provisions to prevent the regulation of new insurance products.


Answered by
Matt Hancock Portrait
Matt Hancock
This question was answered on 8th September 2014

The UK Government is a strong supporter of the Trade in Services Agreement (TiSA), which provides an opportunity to address barriers to trade in services through seeking to deepen services trade rules and regulatory disciplines and to address market access objectives. There is no intention to prevent the regulation of new insurance products, nor would the UK endorse such a move. Furthermore, the prudential carve-out element of the TiSA agreement will fully protect the ability of UK and international financial regulators to regulate and take any prudential actions for the sake of financial stability or to protect investors, depositors, policy holders or persons to whom a fiduciary duty is owed by a financial service supplier.

Reticulating Splines