Insurers loved the UK government’s long-awaited plans to free up billions of pounds of their capital. But after the celebrations have come fears that regulators could nudge the changes in a more cautious direction.
Reforms to City of London rules, announced in December, centered on rolling back the European Union’s Solvency II capital regulation to open up investment opportunities in areas ranging from green innovation to housing. Over £100 billion ($124 billion) could be directed to socially useful projects by letting firms invest their customers’ retirement savings more widely, the Association of British Insurers said at the time.
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