Scepticism over future of regulation
Law firms have reacted with scepticism to the Financial Services Authority's paper on the future of regulation for insurers. This week the regulator released a joint paper with the Bank of England, outlining how the Prudential Regulation Authority — the incoming regulator for underwriting firms — will approach its supervision.
Bruno Geiringer, a partner in the insurance group at Pinsent Masons, said the paper leaves open more questions than it provides answers to: "Insurers will welcome [FSA chief executive] Hector Sants'
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