ABI and BBA rule out joint insurance body

The ABI and BBA have decided not to pursue the idea of a new body to represent the banking and insurance industries.

The associations say the decision follows consultation with a wide range of member companies and a careful consideration of the desirability and practicality of setting up such a body.

In view of the number and scale of the important issues currently facing both industries, it has been agreed that it would be more sensible for the two associations to work closely together on matters of common interest, rather than divert resources into a complex and time-consuming structural change.