The London market has beaten its first target for achieving contract certainty.

Latest figures reveal that 65% of all contracts agreed during December were 'certain', compared to the industry-set target of 30%.

The market now has until the end of the year to achieve its 85% target and meet FSA demands to end the "deal now, detail later" culture.

The Market Reform Group, which is responsible for modernising the market, welcomed the first formal measurement of data provided by the market.

But it warned against complacency, stressing that much work still needed to be done.

Steve Quiddington, Lloyd's director of operations and head of business process reform, said: "It is a lengthy process, but the target is there, and we are using that to push this through."

But there have been suggestions that some brokers have still "not truly engaged in contract certainty".

Alex Peterkin, a director of compliance consultant FSA Solutions, said: "Concern has been expressed as to whether or not, they [brokers] are sharing the same enthusiasm for contract certainty, particularly among commercial clients."

But David Hough, executive director of the London Market Brokers' Committee, disagreed.

He said: "The vast majority [of the London broking community] are very actively engaged in this."

Hough agreed that further challenges still lay ahead particularly in achieving contract certainty on more bespoke risks.