ABI: Comment on FSA’s proposals on industry guidance
Today’s FSA Discussion Paper on the Industry Guidance from trade bodies is an encouraging step in the right direction, according to the ABI (Association of British Insurers).
Stephen Sklaroff, the ABI’s Deputy Director General, said:
“The FSA has produced an encouraging and helpful set of proposals on how they will treat regulatory guidance issued by trade bodies. Getting this right is central to achieving our common ambition of moving away from over-detailed rules and towards customer-focussed and principles-based regulation.”
Recent examples of ABI guidance include:
. A Good Practice Guide for companies managing unit-linked funds;
. A Customer Impact Scheme guide on clear language and layout for consumer documents;
. A Guide to the Individual Capital Assessment (ICA) Process for Insurers.
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Notes for Editors
1. Enquiries to:
Alan Leaman 020 7216 7440 (Mobile: 07957 482 330)
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Lucy Butler 020 7216 7411 (Mobile: 07712 841 184)
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Kelly Ostler 020 7216 7415 (Mobile: 07968 364 302)
2. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.
3. An ISDN line is available for broadcasts.
Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk
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