Lloyd's chief executive Nick Prettejohn today refused to rule out the possibility of imposing...
Lloyd's chief executive Nick Prettejohn today refused to rule out the possibility of imposing sanctions on London market companies that hold up contract certainty plans.
Prettejohn told industry representatives: “This is too important a challenge for us to be squeamish about exercising our ultimate authority if that proves necessary to protect the brand and the high quality of our regulatory compliance.”
He said one option might be similar to the idea of points on a driving licence for insurers and brokers that were not keeping up with the proposals of the Market Reform Group (MRG).
Last month the MRG outlined a blueprint for ensuring complete contract certainty within the London market by the end of 2006, as laid down by the FSA.
Prettejohn also said the FSA could look at capital loadings or restrictions on the writing or broking of business as possible punishments for non-compliant companies.
