Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 14 October 2016 to Question 46912, if he will make it a requirement for insurance firms to introduce similar policies on bonuses as the financial services industry.

The Government has no plans to make it a requirement for insurance firms to introduce similar policies on bonuses as the banking sector. However, as part of the Government’s long term plan to build a resilient economy, the Government has reformed the way that senior managers across the financial services industry, including the insurance industry, can be held to account for failings that occur on their watch through the extension of the Senior Managers and Certification regime to all authorised persons.