Non-subscription market will hit FSA targets, says Biba
Biba remains upbeat that the non-subscription market will hit the FSA's contract certainty targets when the regulator examines the data next month.
The trade body said hundreds of member responses had flooded in after brokers were asked to provide figures for the first quarter of the year for levels of compliance with contract certainty targets (News 3 Aug).
This included the timeliness of issuing documents and legacy policy information.
Peter Staddon, head of technical services at Biba, has been collating the data over the past few weeks and is due to face the FSA for a quarterly update on 19 September.
He told Insurance Times: "A lot of smaller brokers aren't able to give me the full figures. The FSA has to understand this doesn't mean a lack of consideration. There has been an encouraging response and, although the date to receive responses has gone, we will still welcome them.
"I don't accept subjectivity for non-issuing of a policy, that needs to be clarified, but most brokers are doing a good job."
Staddon admitted that there was a fear the FSA could impose rules instead of looking for a market solution. But he said this was a chance to prove contract certainty could be, and was being, achieved - although he added there were still a "few dinosaurs sticking their heads in the sand".
He said: "Some members think it's not an issue still but it is. There could be rules and they won't be as easy as mine.
"I'm convinced it's being done, it's just proving that it's being done. The FSA doesn't believe what we're telling them but we are hoping the information gathered will be enough to keep them happy."
