Question to the HM Treasury:

To ask the Chancellor of the Exchequer, which Government department holds responsibility for the insurance industry.

HM Treasury is responsible within Government for insurance and wider financial services policy, including the statutory framework for its regulation and the continued effective operation of the regulators.

Conduct and solvency issues in the insurance sector are the responsibility of the Financial Conduct Authority and the Prudential Regulation Authority respectively. The Treasury has strictly limited powers in relation to these organisations, which are operationally independent regulators.