Speeches by Glen.

“You said 140. Do you have any comparisons to previous years? Is it being reduced, or is it still going up?”

“Is it right that in May of this year the FCA also reduced the frequency of product reviews that you have to do?”

“Yes, I understand that, but nevertheless you must have some things that irritate you as a board around compliance with regulators.”

“You are a diplomat, Mr Storer. Are there any other views on where we are on this? The Chancellor has been very explicit about the need to remove unnecessary reporting burdens. Can you tell us what you would like the regulator to do, and you think there is justification to do, that would not put customers or the solvenc…”

“Is it sufficiently speedy? You can be honest.”

“Can I turn to growth and regulation? You as insurance companies invest a lot of money, and the rules around what you can invest and how you report on what you invest have been a cause of lots of debate. One thing that the previous Government did, which this Government are supportive of, is Solvency II changes, and we n…”

“Sorry, I have probably double-dipped your questions.”

“Last week, the Committee visited the east end of Glasgow, in Mr Grady’s constituency. We are trying to get at the whole issue of poverty premium. It just seems wrong that people have a higher price simply because they do not have a large amount of capital resources, when they do have a regular income and have no intent…”

“But we do not know the weighting of that.”

“It is just a question of whether the answers to the questions around expressing a preference for monthly payment drove a higher price in the first place. It is not very clear whether it did or did not.”

“You cannot really be clear, then, that the way that that form is filled in does not drive a different price for one customer versus one who did not elect to put in the monthly option. Do you see my point? You could have somebody with exactly the same risk profile, age and history of payment or non-payment, but get a di…”

“At that point, have they elected to give a preference on whether they go monthly?”

“Can I just be clear? You have a customer who presents a set of risks based on factors including their previous history, their age or their demographic. You make a judgment on what it costs to insure them for motor or whatever else. Presumably, that factors in a profit. That is one calculation, which we would all be und…”

“I am just a bit confused, really. In fairness to this new Government, they have come out and said that they are going to invest. They have an industrial strategy with more specificity than the previous Government’s. They have been very clear about their massive commitment on capital investment. They have said how they …”

“The Chief Secretary will be aware from his previous role as Chair of the Business and Trade Committee that one of the things that those who create wealth and invest in our economy need is certainty. Before the next Budget, will he ensure that he consults with business leaders and that a proper impact assessment of whic…”

“Further to the point made by the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier), in every election we all say that we cherish the triple lock, and we seek to gain electoral advantage from it, but do we not need to come to a settled collective view in society about the combination of the triple lock and…”

“I agree with a lot of what the Minister is saying. Given what was said last week by the Financial Conduct Authority on targeted support, would he look again at what is being resisted by the Money and Pensions Service? It is not prepared to work with the pension schemes to allow automatic appointments so that pension sa…”

“You would not expect me to agree. The OBR does not.”

“The Government’s emphasis on capital investment is clear. You have spoken about skills and planning. There are other things that it aspires to do with the grid and access to energy. I note the reference to the Lloyds survey today; there are numerous surveys that do not look so positively on the economic outlook. It is …”

“The matching adjustment of Solvency UK, which allows you to profile investments against a new set of returns, is one thing. This is about the transparency around not investing at a higher risk profile generally, pension funds and banks. Unless the regulations stipulate that they need to demonstrate the returns that the…”