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Broker News - FSA backs 'market solution' moves on contract certainty.
(From Post Magazine)
Byline: Jonathan Swift.
The Financial Services Authority has heralded the insurance industry's effort to achieve contract certainty as evidence market-based solutions - rather than further regulation - can be successful.
The FSA reported that 90% of contracts in the subscription market and 88% in the non-subscription market are now achieving contract certainty, with the threat of further rulebook changes receding in the short term.
Chief executive John Tiner said: "This demonstrates the benefits of our preference for working towards market-based solutions where we use our influence to effect change rather than our formal powers. A market failure has been largely fixed by the industry without a single new rule being introduced."
In December 2004 Mr Tiner challenged the insurance industry to end the 'deal now, detail later' practice in the UK, giving it two years to find an industry solution or face regulatory intervention.
But while the FSA chief paid compliments to the industry's efforts, he warned that contract certainty will continue to be a supervisory priority in 2007 and said the market should now focus its efforts on reducing the number of contracts that do not meet the FSA's contract certainty standards.
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