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FSA to review life insurance sector

Date: Tue, 09 May 2006

The Financial Services Authority (FSA) has announced that it is planning to conduct a review of its current regulation of the insurance industry.

It is over a year since the FSA introduced regulation to try to establish best practice standards throughout the general and life insurance industry and the authority hope this new review will discover if such legislation has been effective in protecting consumers.

The new regulation included a number of basic guidelines such as greater rules on advertising standards to ensure customers were not being misled by product claims.

"We are now trying to see if it's working," said Robin Gordon-Walker, a spokesperson for the FSA.

However, Mr Gordon-Walker did raise concerns that some policy changes had not been completely in line with the FSA's own wants because of EU law.

"Our general insurance regulation comes under the EU directive so we had to implement it even if there are some bits of it we don't agree with."


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