09 March 2010
Published in: Regulation - supervision
France gets new super-regulator
France's Autorite de controle prudential (ACP) has been inaugurated by Christine Lagarde, the minister for the economy, industry and employment, in the presence of Christian Noyer, governor of the Banque de France and president of the new authority.
Lagarde said, "With this new authority for prudential control, my aim is to create a super-authority to strengthen control over the banks and insurers to serve the public interest."
The ACP merges two associations of insurers, the banking commission and a credit and investment organization.
Jean-Philippe Thierry, former head of the Assurances generales de France (now Allianz), has been named vice-president of the ACP. Thierry has had over 30 years' experience in the insurance sector.