FSA regulation lacks clarity says Airmic

The lack of clarity about the impact of the FSA regulatory impact on the risk management sector in the UK is proving highly damaging according to Nick Chown, chairman of the Association of Insurers and Risk Managers (Airmic). There is a question about whether risk managers will be covered by the regulation of insurance intermediaries, in which case they need to be registered by July 13th. However Mr Chown says that a request to the FSA to define exactly who the regulation applies to has so far failed to produce a definitive response – other than to say that anyone who buys insurance “by way of business” must register.

Speaking at the Airmic conference in Manchester, Mr Chown described the prospect of the UK being the only country to regulate risk managers to be the ‘stuff of nightmares’ that will potentially