There is growing optimism that the United Kingdom government will press ahead with a public consultation on introducing a bespoke captive regime.
Labour was elected to government on 4 July and there had been concern that progress made by the London Market Group (LMG) with the previous Conservative regime would be lost if the consultation, which had already been drafted and ready to go, did not proceed.
Speaking today at Commercial Risk’s Global Programmes conference in London Caroline Wagstaff, CEO of the LMG, said she felt the chances were now “better than lukewarm” that the consultation would go ahead.
“I have had good and positive conversations with the new government,” Wagstaff said.
“I don’t think we need to sell them on the idea anymore. I think they believe this is a growth opportunity and is something businesses want.
“We have talked to them a lot about the French experience, that there has been a desire among mid-size companies to have captives onshore, that have maybe never had one before.
“What we are talking about now is choreography and timing. I am confident we will see something before the end of the year in terms of consultation.
“I am hoping there is going to be an announcement.”
Wagstaff said she will be going to the Labour Party conference to continue the push.
In September 2023, a delegation of captive specialists met with the UK government’s previous City Minister, Andrew Griffith MP, at the Treasury to discuss the potential introduction of a captive regime.