All Party Parliamentary Group

The All Party Parliamentary Group on Insurance and Financial Services was founded in 1991 following an initiative by Post Magazine to improve communication between the insurance industry and Parliament. It has since widened its brief to embrace broader retail financial services and pensions issues.

Background

The group was formed in January1991 following an initiative by Post Magazine, the leading weekly magazine for the insurance industry.

As part of its 150th anniversary celebrations in 1990, the magazine set out to improve communications between the insurance industry and Parliament which were then at a low ebb. A series of major pieces of legislation had gone through over the previous three or four years that had adversely impacted on the insurance industry and it was frequently the target of unjustified criticism by MPs and ministers.

Consultation with interested MPs led to the proposal to form an All Party Group and potential members from both the House of Commons and House of Lords were approached during the autumn of 1990 and sufficient numbers had signed up by the end of November for the formation of the group to be announced at Post Magazine's 2nd Parliamentary Reception.

The late Sir Robert McCrindle, who was the British Insurance Brokers' Association's Parliamentary advisor at the time, was the first chairman of the group. When he stood down from Parliament in 1992, another of the group's founder members, John Greenway, was elected chairman. Labour Peer Baroness Turner of Camden was elected as deputy chairman at the inaugural meeting, a post she still holds today.

In 1992 the group appointed Price Waterhouse as its technical advisers to provide briefings for its meetings and additional technical support, especially when representations have been made to the Treasury or other Government departments.

The group has tackled a wide range of issues over the years and has played a significant part in the formation of Pool Re, the introduction of equalisation reserves, securing compensation for people miss-sold home reversion plans and getting tougher action on uninsured driving. It meets frequently with the Financial Services Authority and a wide range of organisations representing interests in the insurance and wider financial services sector.

Its brief now ranges across the entire financial services sector, although the administrative and secretarial support is still provided by Post Magazine's publishers, Incisive Media