FSA regulation of the sale of general insurance products will build on the industry's existing commitment to high standards of customer service and protection, the ABI said today
While self-regulation worked well, the ABI said the industry must be committed to making the new system a success.
new rules replace the industry's self-regulatory regime, which was overseen by the General Insurance Standards Council (GISC).
ABI's general insurance director Nick Starling said: “Competition is the best form of consumer protection.
“It is essential that the new rules do not inhibit innovation. Regulation of sales of general insurance must be proportionate and risk-based. Excessive compliance costs could impact on insurance costs, which would hit consumers”.
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.
