Regulations are supposed to better protect European consumers, but an expanding rulebook may actually be doing more harm than good. The vast number of rules alone overwhelms businesses and individuals, diverting attention away from regulation’s end goal and instead placing more focus on compliance exercises. Regulators can make us safer by writing clear, simpler rules and eliminating ineffective regulations. Instead of telling businesses how to solve problems with prescriptive regulations, regulators should define outcomes leaving businesses to work out the details.
While insurers firmly support high-quality EU legislation, they are now confronted with an increased quantity of regulations and continuous regulatory changes, leading to poor outcomes for consumers due to short implementation timelines. From 10 regulations 10 years ago, to: 26 applicable today, 10 others newly agreed or presented, and a lot more being reviewed or in the pipeline for being developed – is this “regulatory fatigue” a necessary evil ?
