Regulation to hit UK insurers for £15bn with little tangible gain
New risk-based regulation will cost the UK insurance industry between £10 billion and £15 billion, with tangible benefits measured at less than £1 billion, according to a cost-benefit analysis conducted by the UK’s chief financial watchdog, the Financial Services Authority (FSA).
Keynote speaker David Strachan, a director for insurance firms at the FSA, which is the architect behind new regulatory practices in the UK, said that while it was possible to calculate the costs “with some degree of accuracy”
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