With reference to your article `GISC cuts cash for on-site monitors' (21 March, Insurance Times) I would like to clear up any possible misunderstanding that may have arisen as a result of the strapline `Budget slashes lead to redundancies at watchdogs Ernst & Young and PWC'.
Ernst & Young has not made any redundancies.
As the rest of your article makes clear, our core team of monitors continues to undertake an active programme of visits for the General Insurance Standards Council (GISC). Since our appointment two years ago, we have regularly drawn on wider Ernst & Young resources to supplement the core team's activities. GISC is looking to refine the way monitoring is done and currently work is focused only on the core team. This approach gives us the flexibility to meet the GISC's needs at any given time.
Ernst & Young is very aware that GISC's responsibilities will transfer to the Financial Services Authority (FSA). Feedback we have received indicates our GISC team is highly respected in the market. We therefore plan to redeploy these professional resources into our fast growing regulatory practice in 2004.
Ernst & Young