The government will investigate regulators such as the FSA. The House of Lords Constitution Committee launched an inquiry called: "The Accountability of Regulators to Citizens and Parliament". The inquiry will consider the accountability of government-appointed regulators, their scrutiny by parliament, accessibility, and their responsibility to citizens.
Gripe costs down
The cost of handling complaints about insurers has fallen by almost 10%, according to the Financial Ombudsman Service. In its latest report, "Plan and Budget", the ombudsman reported its costs are expected to fall further to under £560 this year and in 2003/04.
US asbestos loss
US property and casualty insurer Travelers has announced plans to take a $1.3bn (£810m) charge to boost asbestos-related reserves. The charge will mean the third largest property and liability insurer in the US will record a loss of $27m (£16.8m) for 2002, the company said.
The Cold Storage and Distribution Federation (CSDF) has launched an insurance facility for its members through Bland Bankart.
Premium rises slow
During 2002 UK motorists and homeowners saw the rise in insurance cost fall to within 1% of UK inflation rates, according to the AA's British Insurance Premium Index.
This is the first time since 1996 that price rises have fallen so low. In 2002 the average cost of comprehensive motor insurance rose by 3.53% - adding £24.11 to the average premium.
£1.1bn PMI bill
UK businesses face a £1.1bn bill for private medical benefits over the next five years, according to a report by Buck & Willis Healthcare. The company predicts a rise of £380 per employee for companies with 100 or more employees.