FSA lets industry off the hook on contract certainty regulation
The Financial Services Authority will not increase its regulatory powers over the insurance industry by implementing rules governing contract certainty. In a speech given by the regulator's chief executive, John Tiner, today the FSA said the plans were being put "on the back burner", but were not being taken "off the stove altogether."
In a statement, the FSA said today:
"The Financial Services Authority has put on hold its work to develop rules to bring about contract certainty in the insurance market. Speaking at the FSA's
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Reeves stand-in Rigby calls for insurance innovation in insecure world
Speaking at the Global Risk Summit, Lucy Rigby, economic secretary to HM Treasury, said the government needs to act with urgency to ensure it is supporting financial services and the economy.
FCA outlines how insurers must up their claims game
The Financial Conduct Authority has warned insurers they must improve claims handling standards and consumer understanding of cover following concerns raised in the Which? super-complaint into home and travel insurance.
Shoib Khan, Prudential Regulation Authority
Shoib Khan, director of insurance supervision for the Prudential Regulation Authority, appears on Insurance Post’s Power List for the first time at a moment when his influence over the sector is particularly acute, as he leads a major stress test of the market.
Hannah Gurga, ABI and Graeme Trudgill, Biba
As leaders of two of the sector’s most influential trade bodies, Hannah Gurga and Graeme Trudgill have become a formidable dual force shaping how insurance engages with government, regulators and the public.
Why now is the time to introduce a new Financial Services Bill
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers Association, says the time is now for a new Financial Services Bill to help supercharge the broking sector.
Insurance industry’s most powerful leaders revealed
Insurance Post’s Power List cuts through the noise to reveal who really moved markets, shifted outcomes and shaped the UK general insurance sector over the last 12 months.
Insurers must get data in order to maximise AI potential
Insurers must ensure that their respective data strategies are up to scratch before they can take advantage of AI commercially, according to Dun & Bradstreet’s head of insurance.
FCA launches claims management market review
The Financial Conduct Authority is set to review the claims management market, following concerns that some CMCs and law firms are failing consumers.