BoE group kicks off procyclicality debate

Group led by Andrew Haldane opens debate on effects of insurance regulation


The negotiations over the Omnibus II Directive are still fresh in the memory, yet already the UK’s Bank of England (BoE) is launching a debate about possible next steps in insurance regulation.

At the end of July, the Procyclicality Working Group, led by the central bank’s chief economist Andrew Haldane and including academics, consultants and notable industry figures such as Jim O’Neill, former chairman of Goldman Sachs Asset Management, published a discussion paper entitled Procyclicality and