Hubbard says FSA consultation should be emulated by government
Government officials must take a more active approach to gathering industry views on liability, warned AXA chief executive Peter Hubbard.
Hubbard said: "I am impressed with the way the FSA has gone about its consultation with the industry. Its consultation documents are well drafted, clearly thought through and invite the participation of the industry."
But he added: "The Treasury and Office of Fair Trading (OFT) have not made any attempts to canvas our views.
"The ABI has its dialogue, but it encourages us to talk as individual companies too".
Hubbard said he hoped that the OFT consultation would draw attention to the key issues that the industry has been discussing, such as the level of legal fees involved in liability claims.
Meanwhile, Hubbard said the ABI is close to finalising a response to the European Commission's proposal to include insurance within the scope of new e-commerce regulations. Hubbard, who is leading the initiative, said that "basic principles" documents are almost ready.
Hubbard explained that, on one side of A4, the document enshrines principles such as any regulation must be proportionate to risk.
He said following this assessment the resulting regulation must be subjected to cost-benefit analysis.
In May, AXA chief executive Peter Hubbard announced a radical restructuring of AXA and promised to reinvest to improve performance. Is Hubbard meeting his targets?