The new head of insurance for the UK and Ireland at consultancy Cap Gemini Ernst & Young (CGEY) has urged brokers to stick with the General Insurance Standards Council (GISC) in the run-up to Financial Services Authority (FSA) regulation of the broker market in 2004.
In his first interview since taking up the position just over a month ago, Mark Robertson said he could not see the FSA diverging hugely from the GISC's broker-regulation policies. "It doesn't make any sense for the FSA to come up with a counter strategy to the GISC. I would hope that behind the scenes there's an awful lot going on to make sure that's the case."
He said the general insurance industry could learn from the mistakes made when FSA regulation was introduced for the life and pensions industry.
"The cost of compliance to the life and pensions industry has been very high and we need to find a way, in general insurance, of delivering the same level of comfort and consumer confidence without building the same level of cost."
Robertson, 39, who took over CGEY's insurance operations from Shaun Crawford, joined the company in 1997 after five years at Norwich Union.