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Regulation ... what if? Breaking point

The deadline for Financial Services Authority regulation is looming and in some corners the pressure is beginning to tell. Marcus Alcock investigates the state of preparation

It is by far the biggest event to impact insurance brokers for years yet, if the signs are anything to go by, the onset of statutory regulation by the Financial Services Authority on 14 January 2005

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A year of severe storms has strained repair networks and claims operations, which Ben Blain, head of property at Verisk Claims, points out has placed insurers’ settlement decisions, data oversight and ability to evidence fair customer outcomes firmly under the regulatory spotlight.

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The effectiveness of the Financial Conduct Authority’s regulatory action in response to Which’s super-complaint about home and travel insurance is reflected in smoother claims handling, not in the number of reviews or fines, according to Claire Massey, founder of Claim Guardians.

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