Barnier fights back - response to CEA/CRO Forum

FT are reporting to have seen the response of Michel Barnier to the lobbying from, amongst others, the CEA and CRO Forum on Level 2 implementing measures. They quote the following;

• Statements that calibrations are too high "have not been confirmed by evidence"
• Commission is taking sustainable provision of long-term guarantee products "very seriously"
• "The industry's position on some of the other issues raised...is not shared by those who will be making the final decisions"

The last quote is obviously quite an aggressive reposte to the list of gripes supplied by the lobbyists in April, and confirms that the bluntness of Bernardino's views from his interview with InsuranceERM last month is very much the party line in the corridors of power.

I will save the gap analysis between the lobbyists and the Commission until after they publish this letter in full!