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News - FSA lets industry off the hook on contract certainty regulation.
(From Reinsurance)
The Financial Services Authority (FSA) will not increase its regulatory powers over the insurance industry by implementing rules governing contract certainty. In a speech given by chief executive John Tiner, the FSA said the plans were being put "on the back burner", but were not being taken "off the stove altogether".
Mr Tiner said: "To demonstrate our good faith in the market's ability to reach its goal, we will not be pressing ahead with our work on the contingency plan of regulatory intervention. We are putting it on the back burner, although we are not taking it off the stove altogether.
"I would strongly caution against complacency in these next few crucial months; the market must continue to stretch itself to guarantee that the challenge is met by the end of the year... On our part, we will continue to assess progress beginning in the next quarter, not least to see how the market has performed against the challenging 1 January renewal period. We will continue to work with the market in our role as overseer and facilitator, and will not hesitate in consulting on new rules should progress falter."
FSA ...
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