Speaking at the FSA’s annual insurance conference, Hector Sants, Chief Executive, proposed tougher action following it’s bout of self-harm over Northern Rock.
Whilst acknowledging that all insurers had suffered through market conditions for 2007
and 2008, he clearly saw this as no reason for letting compliance slip.
Warning firms to “expect we will be looking at how they ensure continued compliance”, he fought shy of expanding on lessons learned from regulatory handling of the Rock other than to admit a misjudgement of what was a risky business model.
In conclusion however, he confirmed that the FSA could not hope to eliminate all risk.
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