The insurance industry and the Financial Services Authority

Abstract

Insurance has been seen as a distinct function and discipline. Over the last few years, market changes have lessened the distinctiveness of insurance. This is being reflected in the government's proposals for a new single regulator for financial institutions, the Financial Services Authority. The new regulator will further reduce the distinctiveness of insurance by seeking to apply common systems to all financial institutions. This has some advantages for some insurance companies, in particular the large diversified companies, but it also has disadvantages, particularly in terms of costs and transitional problems.

Citation

Boléat, M. (1998), "The insurance industry and the Financial Services Authority", Journal of Financial Regulation and Compliance, Vol. 6 No. 1, pp. 70-74. https://doi.org/10.1108/eb024958