As the dust starts to settle after the longest General Election campaign on record, many people are already asking what will happen to the All Party Parliamentary Group on Insurance & Financial Services in the new Parliament.
The interest from the industry in the future of the group shows that it has a valuable role to perform so the intention is to re-constitute it as soon as possible. There will be several stages to this process.
The first is to see what sort of government emerges from what could be and inconclusive result and a very complicated Parliamentary mix. The formation of a government, the appointment of ministers and the run-up to the Queen's Speech at the end of the month will absorb most MP's time and attention in the first few weeks of the new Parliament. Only once we know who is in government and ministers are appointed will it be possible a start the process of building a new All Party Group.
Obviously, the key decision will be the election of a Chair and officers which will take place at the first meeting of MPs and Peers interested in the group in the new Parliament: this will probably take place in early June. There will be a new face in the chair as the current chairman, Jonathan Evans, stood down at the election. This is a decision for the members.
As well as Jonathan Evans, Labour MP Andy Love, one of the deputy chairs of the group also stood down so there are at least two positions that will need to be filled. The full list of members at the end of the last Parliament can be downloaded List of Members Oct 2014
Post will continue to provide administrative support for the group, working with David Worsfold, and PwC has already confirmed that it will continue as technical advisers to the group so the infrastructure to support it is in place.
What it needs to succeed is MPs who are interested in the subject. We will invite all those who have previously been members and who are re-elected today to rejoin but will be looking to attract newly-elected MPs too. This is something you can help with. if you know of an MP who has connections with or an interests in insurance or retail financial services please let Jonathan Swift know so that he can send them information about the group and its meetings.
So, it is really a matter of: Watch This Space.
Zurich disappointed in new #discountrate. David Nichols, Ch Claims Officer: "The failure to change the discount rate to a balanced level will only serve to increase the cost and, therefore, affordability of certain types of insurance - especially for higher risk customers." pic.twitter.com/ac1CfBzfxX— Zurich Insurance UK (@ZurichInsUK) July 15, 2019
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