FSA and Treasury dithering is wasting time and money, according to Nick Chown, chairman of Airmic.
Speaking at the Airmic annual conference in Manchester, Chown said that statutory regulation of risk managers would "make the UK a less efficient, less attractive place to do business."
Airmic and the London Market Brokers Committee wrote to the FSA and Treasury nine weeks ago requesting clarification about whether risk managers would be regulated or not. The FSA said that anyone who buys insurance by way of business must register by 13 July.
"Whenever we ask them what they mean by the term 'by the way of business' they admit they don't really know," said Chown. "I have to say we are very disappointed that the FSA and Treasury do not appear to understand their own rules."
"If it wasn't so serious, it would be quite amusing in an Alice in Wonderland sort of way," said Chown.
