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ABI hits back at Treasury charges

  • 17/11/2003
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The Association of British Insurers (ABI) has refuted accusations made at a House of Commons Treasu...

The Association of British Insurers (ABI) has refuted accusations made at a House of Commons Treasury Select Committee meeting last week that the insurance industry is complacent and incompetent.

The Committee is examining the mortgage endowment market, with further meetings planned concerning a wider-ranging enquiry into long-term savings and the insurance industry.

Claims of complacency came from Labour MP Angela Eagle, while Labour MP Nigel Beard asked if insurers had been incompetent to invest so heavily in equities. A spokesman for the ABI said this was not the case: “The industry as a whole has taken enormous steps to raise standards on a whole range of products and endowments in particular.”


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