London market reforms are paying off, says LMP chairman

The London Market Principles (LMP) are beginning to bear fruit, according to LMP reform group chairman Nigel Burton.

Burton is understood to be encouraged by the prospects of success for the reforms.

He predicts that the market will have achieved its main goals set out in 1999. He said: "We will have a premier market - a much more customer-focused market in terms of service."

There will be greater transparency and a shorter resolution time on claims, he said.

However he warned that slow documentation continues to halt progress. The LMP aims to have cover documents to customers within 30 days, but this is not happening, he said.