Labour would work with the Financial Conduct Authority (FCA) to “identify outdated and prescriptive rules” that have been made redundant, if elected, Shadow Economic Secretary to the Treasury, Tulip Siddiq MP, has said.

Speaking at the Association of British Insurers (ABI) Annual Conference in London, Siddiq said this would give firms more freedom to innovate and to grow.

The comments were part of an update on the Labour Party’s proposals for the insurance sector, which were originally set out in its financial services review, Financing Growth, published in January.

“Labour will set up a new regulatory innovation office to improve accountability and promote innovation in regulation across sectors. The office will promote transparency on regulatory performance. This will include measuring financial services regulators’ performance against a secondary objective on growth and competitiveness,” she said.

Regarding pensions, Siddiq reiterated that Labour would create an in-government pensions and retirement savings review, as its plans for investing in UK infrastructure will require a “change in investment culture”.

“We will work with industry to ensure that savers are getting the best possible returns and address the barriers to preventing investments in more UK productive assets, including a cultural induced aversion to risk.”

In addition, she said Labour would empower The Pensions Regulator to consolidate DC schemes that are “failing to give their members sufficient value”.

“And we will establish a British ‘Tibi’ scheme to incentivise DC funds to invest in UK growth assets. This is the collaboration, the two-way partnership between market and state that we need to thrive in the 21st century.”

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