Sarah Wilson, a director of the Financial Services Authority, told delegates at the CII UK Insurance & Financial Services Conference that the general insurance industry is continuing to make solid progress as it adapts to the regulatory regime introduced in 2005.
One area of concern highlighted by Wilson was the handling of client money by intermediaries. Referring to a recent speech by John Tiner, CEO of the FSA, on general insurance regulation, she said the FSA would continue to gather evidence to see whether current commission disclosure arrangements for commercial business are satisfactory. Currently, commercial insurance must only be disclosed if the customer requests the information.
Other subjects touched upon by Wilson include conflicts of interest and contract certainty. In both cases, she said satisfactory progress is being made but that firms must continue to put their energies into developing and maintaining market solutions.
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Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
