Regulatory mistakes cannot be avoided completely, MP Andrea Leadsom admits

 
Caitlin Morrison
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Economic secretary to the Treasury Andrea Leadsom spoke to insurers at Lloyd’s yesterday
Financial services firms cannot be sure that the regulator will not make mistakes similar to the mishandled media leak which sent insurance stocks plunging last year, a Treasury minister admitted yesterday.

Andrea Leadsom, the economic secretary and City minister, stated: “We would all hope that something like that wouldn’t happen again. But it shows that even with the most robust of conditions things like that can happen.” She continued: “The thing to worry about is how it’s dealt with. I don’t think the insurance sector should read into it that there’s an ongoing problem.”

The minister made the remarks following a speech at Lloyd’s of London in which she invited insurance companies to contact the government with their concerns. “Insurance is a key part of the City,” she said, adding that the sector is “a top priority for developing more economic growth and more jobs”.

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