FCA opens discussion on commercial insurance regulation
The Financial Conduct Authority has launched a discussion paper on the regulation of commercial and bespoke insurance business.
The watchdog has invited feedback on whether its rules strike an appropriate balance between safeguarding customers who need regulatory protections, and competitiveness in the commercial non-investment general insurance market.
“We believe that there may be changes which can be made to better align this balance,” the FCA reported.
Under the Financial Services and Markets Act 2023, the regulator was given the secondary objective to facilitate the international competitiveness and growth of the UK
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