View from the top: FSA supervision strategy does not reflect risk of client detriment
As chairman of the Chartered Insurance Institute’s broking faculty, I recently had the pleasure of visiting the Financial Services Authority to hear about the impending changes to our regulatory world and it was a fascinating insight into what’s going on at Canary Wharf, thoroughly enjoyed by those who attended.
We heard some interesting statistics. The industry pays £65m in claims every day; we look after investments totalling £1.7tn; and around 20 000 insurance firms are regulated and supervised by just 290
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