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Key role for All Party Insurance Group

October 13, 2017

It was interesting to hear the City Minister Stephen Barclay tell MPs, peers and industry representatives at the All Party Parliamentary Group on Insurance and Financial Services this week that it had a key role in educating politicians and the public about some of the key issues facing the sector. This was precisely the sort of role we envisaged for the Group when I helped get it established way back in 1991.

With challenges such as the impact of the discount rate on premiums, travel sickness claims, financial exclusion and Brexit swirling around the industry it finds itself firmly implanted in the political agenda. The communication channel that the All Party Group provides is vital in ensuring that these debates are well informed and have a clear understanding of the insurance and retail financial services sector perspective.

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Barclay: APPGIFS has key role

Read how social media covered the meeting with Stephen Barclay on Storify.

While the industry has improved its own communication with politicians and government departments immensely since the Group was founded, there is still a role for a genuine All Party Group that is open to backbench members of both Houses of Parliament that holds meetings in public that anyone can attend. Usually there is an opportunity for the public to ask questions too.

The administration of the Group is still provided by Insurance Post which ensures it is a neutral platform, not a lobbying group. Nowadays it is in the very capable hands of the content director Jonathan Swift who is always keen to hear from people who want to present to the Group or just be kept up-to-date with news on its meetings.

The current chairman, former insurance broker Craig Tracey, is always keen to hear direct from people in the industry or from outside about issues they think the Group should be addressing. He can be contacted at craig.tracey.mp@parliament.uk.

The Group continues to attract support from new Parliamentarians with new MPs from both the 2015 and 2017 General Elections joining the Group. The full list of members is here APPG members Oct 2017

The Group has three further meetings arranged for this session

Tuesday 31 October
What will Brexit mean for the UK insurance and financial services sectors?
This session will look everything from existing regulation such as Solvency II to future trading opportunities and recruitment in a Post-Brexit Britain.

Confirmed speakers:
Chris Beazley, chief executive, London Market Group
Jonathan de Beer, EU-exit co-ordinator, Association of British Insurers
Michael Tripp, partner, Mazars
Erik Vynckier, board member, Foresters Friendly Society and former chief investment officer – insurance, Alliance Bernstein

Tuesday 21 November
Making insurance more affordable and transparent
This session will look at everything from the progress of Flood Re to recent criticism of dual pricing and use of jargon, to see what can be done to improve the reputation of the UK insurance and financial services sector.

Confirmed speaker:
Andy Bord, CEO, Flood Re, More TBC

Tuesday 12th December:
Subject TBC

All these three meetings will be at 4.30pm in Committee Room 17 of the House of Commons. It is advisable to allow at least 30 minutes to access the Palace of Westminster via the public entrance as this can be very busy when Parliament is sitting and operates airport style security checks.

 

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