The Treasury should combine the myriad of reviews and consultation papers on insurance regulation into one simple document, according to leading industry figure.

John C Finan, chairman of Touchdown Integrated Marketing, told Insurance Times that the Treasury intended to publish further policy documents during November and December.

"It will cherry-pick from the Sandler and Pickering reviews, and other papers like the FSA's Tiner Project ... to offer a practical basis for an industry code of conduct.

"But what is needed is one over-arching review of all the issues which is simple to understand," he said.

Finan, former chief executive of Winterthur, said compliance would "become an additional responsibility of all managers, whatever their roles".

He said that compliance officers should report directly to the chief executive.

"Companies should also create one team which incorporates compliance, legal, risk management and marketing."