The FSA has backed Insurance Times' Fair Deal for Brokers campaign in its Financial Risk Outlook report for 2004.
The FSA said that one of the key aims for 2004 is the need for regulatory reforms to be proportionate and not to impede competition.
It added: "The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal."
The Financial Risk Outlook 2004 was issued today by the FSA (www.fsa.gov.uk).
In 2003, at the beginning of the consultation process for the implementation of regulation for general insurance sales, Insurance Times launched its "Fair Deal for Brokers" campaign, arguing for a proportionate regulation for a section of the industry with a good reputation.
The publication of final regulatory rules later today is expected to confirm that the FSA has listened to brokers' and Insurance Times' pleas for regulation with a light touch. For instance, plans for compulsory commission disclosure were overturned. This was one of a number of victories.
