Insurers must do better - FSA

FSA officials surveyed 39 firms in the UK between January and June 2003, visiting 19 of the firms in person. In the report, they criticised insurance firms strongly, noting that compliance with the Interim Prudential Sourcebook was being done in a "mainly reactive fashion". The supervisor also says that firms "have designed risk management systems more for the purpose of meeting our guidance than for delivering effective risk management. In some firms, risk management systems are regarded as

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