Principles and delivery.


Public policy

When approaching public policy work we have a set of principles by which we engage government and policy makers. We think it's important that people know what we do and stand for.

Our policy is that:

  • we make no political donations.
  • we are politically neutral, working equally with all parties, officials and other policy organisations.
  • we will work either collaboratively through trade bodies, or on our own.
  • we aim to deliver evidence-based, practical proposals for consideration by policy-makers.
  • we aim to be experts and thought-leaders: We are an organisation rich in expertise that we’re willing to share with those responsible for formulating public policy.
  • we are focused on delivering positive outcomes for customers, investment markets, the broader economy and society

Delivery of public affairs

In 2012 we responded to over 60 Government and regulatory papers either directly or through our membership of trade associations. This was up from 55 in 2011.

We commented on relevant regulatory issues such as regulatory reform, banking reform, corporate governance, financial regulation, pension legislation and welfare reform.

Our main areas of discussion in 2012 included:

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RDR and simple financial advice

We support the Retail Distribution Review because greater transparency and customer awareness should be improved by clearer pricing guidelines. There is, however, a risk that this could reduce access to financial advice for the less affluent.

Simple financial products

We have responded to a number of consultations, for example to HM Treasury, where we have included issues in relation to access to financial products and services.
A number of simple financial products are already available. Awareness and access to these products could be improved by education and further simplification in some areas. We are actively engaged in the Sergeant Review.

Pensions

We support the principle of auto enrolment and a clearer and increased flat rate basic state pension as we believe that this will encourage more individuals to make increased provision for their retirement. We are closely engaged with the DWP on the practicalities of auto enrolment and related pension reforms.

Financial regulation

We are closely engaged with the relevant EU and UK authorities on reforms to both prudential and conduct regulation. This includes the regulatory reform agenda in the UK, which will divide the FSA's responsibilities primarily between the FCA and PRA, Solvency II, UK and EU banking reform proposals and other EU and UK legislation. Our aim is to ensure that the regulatory response to the credit crisis of 2008/9 is proportionate and, while adding to financial stability, does not damage the interests of consumers, investment or the broader economy.

UK infrastructure investment

Creating growth and jobs is key to the delivery of a more prosperous society and we look to work with UK, EU and international authorities to show how insurers and investment managers can work together to support this shared objective. We are supportive of initiatives to facilitate institutional investment in UK and EU infrastructure and have been strong supporters of the Green Investment Bank and related initiatives.

Overseas regulatory involvement

Legal & General America is an active member of The National Association of Independent Life Brokerage Agencies (NAILBA). NAILBA is a premiere insurance industry organization in existence to promote financial security and consumer choice through independent brokerage distribution of life insurance products in the US. NAILBA’s advocacy of key legislative issues focuses on regulatory and tax reform.

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