FSA guides insurers
LONDON -- At the beginning of February, the UK’s Financial Services Authority posted additional guidance on its website for insurance firms confused by the implementation of a new regulatory framework about how to handle inducements and conflicts of interest.
The guidance took the form of a letter to insurers, and follows the new regulation of the conduct of business rules for the industry, which came into effect on January 14. The FSA took over the regulation of some 40,000 firms on that day, covering general insurance sales, advice, administration and arranging. A key component of the new regime is improved transparency and disclosure of policies to
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