On 25 September 2014, the Bank of England published a speech given by its Governor on regulation in the insurance sector. The speech emphasised the vital role of the insurance sector in the UK. Key proposed reforms highlighted include (a) capital standards which are resilient, appropriate for the business concerned and consistent (b) appropriate accountability of personnel within the industry and (c) worldwide standards for globally systemically important insurers. He also acknowledged the importance of robust interaction with industry and regular review of the regulatory approach to take account of evolving business models and financial conditions.