Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • September 2014
09

UK gets key EU portfolio for insurance and pension regulation

Open-access content Wednesday 10th September 2014 — updated 5.13pm, Wednesday 29th April 2020

UK politician Lord Hill is set to be handed a senior economic post in Brussels, which will include responsibility for the new Solvency II regulations for the insurance industry, by European Commission President-elect Jean-Claude Juncker.

2

Lord Hill will take up the newly created post of commissioner for financial stability, financial services and capital markets union once the make-up of Juncker's commission is approved by the European Parliament.

The portfolio has been created after the decision to break up the existing internal market department of the commission, headed by French commissioner Michel Barnier, and move responsibility for financial regulation.

Lord Hill will therefore be responsible for the European supervisory authorises, including EIOPA (European System of Financial Supervision), the regulator for insurance and pensions.

The appointment was welcomed by senior UK politicians.

The official spokesman for Prime Minister David Cameron said: 'We welcome president-designate Juncker's announcement of the new European Commission-designate.

Chancellor George Osborne added on Twitter that the announcement was 'great news' for Britain.

He said: 'Look forward to working with Lord Hill, EU financial services Commissioner, to build safer & more competitive sector.'

Actuaries Barnett Waddingham said the announcement would be a boost for UK pension schemes.

Rowan Harris, a corporate actuary at the firm, said: 'This is fantastic news for UK pension schemes and their sponsoring employers.  The UK government has recently reiterated its opposition to European proposals which could have damaging effects on UK pension provision, already among the best in Europe.'

James Walsh, the National Association of Pension Funds' EU and international policy lead, said Lord Hill's appointment was 'surprising and good news'.

'No one expected the UK Commissioner to be allocated the coveted financial services portfolio that includes responsibility for workplace pensions,' he said. 

'Although issues such as the IORP Directive and holistic balance sheet are unlikely to go away, today's news makes it much more likely that we will receive the good outcomes needed on these two crucial issues to secure the future of workplace pensions.'

This article appeared in our September 2014 issue of The Actuary.
Click here to view this issue
Filed in
09
Topics
Professional

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Risk Actuary - General Insurance

London (Greater)
£60,000 - £85,000
Reference
145934

Project Actuary - Life Insurance

Midlands
£60,000 - £110,000
Reference
145933

Model Validation Actuary

London (Greater)
£60k - £80k
Reference
145932
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ