The deputy director general of the Association of British Insurers (ABI) has welcomed the FSA's report on `The future regulation of insurance'.
The deputy director general of the Association of British Insurers (ABI) has welcomed the Financial Services Authority's (FSA) report on `The future regulation of insurance'.
Stephen Sklaroff said: "The report is an important acknowledgement that better regulation can also play a positive role.
"We welcome, for instance, the FSA's commitment to "smarter" regulation, to a risk-based approach and to a supervisory culture that is informed, perceptive and proactive."
He added that the ABI was in favour of the FSA's strong commitment to consult with the industry, and its support for a competitive market which rewards innovation.
"The ability of the UK industry to compete internationally must not be inhibited. The insurance industry is currently the subject of a large number of reviews, all examining part of the picture. The reviews need to be looked at together," he said.
