ANDY Briggs, the boss of Phoenix Group, has called on the government and regulators not to allow "momentum" on Solvency II reforms to be lost in an article for City A.M. (right).

It comes amid rumblings of discontent that changes to the regime are moving too slowly or being diluted.

At a dinner speech last week, Sam Woods, the head of the UK's insurance regulator, outlined the current state of the government's planned Solvency II reforms.

As they stand, the main benefit for the insurance sector will be in letting UK insurers invest capital they are required to hold on their balance sheets in a wider array of more profitable, but more illiquid, assets.

Speaking at the Association of British Insurers (ABI) dinner, Woods said the Prudential Regulation Authority (PRA) is now ready to implement the UK's planned reforms.

"We would like to implement these reforms as swiftly as possible,"

Woods said. The PRA is waiting to be given the powers to actually make the reforms, by the Financial Services and Markets Bill, which is currently working its way through the House of Lords.

Insurers have previously told City A.M. they are hoping the rules will come into force in 2024.

(c) 2023 City A.M., source Newspaper