Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 25th of September 2018
April 26, 2011

ABI calls for balance approach on product regulation

by Gill Montia

Story link: ABI calls for balance approach on product regulation

The Association of British Insurers (ABI) is calling for a “balanced approach” by the Financial Services Authority (FSA) on product regulation.

It wants a mode that reflects the diversity of UK retail financial services markets and suggests the FSA should focus on effective supervision and the enforcement of existing rules on treating customers fairly, rather than developing new rules that risk stifling the market and restricting consumer choice.

According to the Association, this approach will address any developing market failures and increase consumer confidence in the industry.

ABI director general, Otto Thoresen, comments: “We want to see a balanced risk based regulator which oversees a market which delivers positive outcomes that meet consumer needs and expectations.”

He adds: “Meeting this objective requires the Government and the regulator to recognise the inter-connectivity of a series of initiatives that form part of an overall package of reforms at both the UK and EU level.”

 

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