Compliance experts push back on self-regulation for insurance
The insurance industry could not effectively mark its own homework if moved to self-regulation, according to compliance experts surveyed by Insurance Age, as the specialists noted an insurance specific regulator could be a middle ground.
Last week Arron Banks revealed to Insurance Age that Reform UK is considering scrapping the Financial Conduct Authority, allowing brokers to self-regulate, if it forms the next government.
Banks who works closely with Reform leader Nigel Farage, claimed he wants to slash red tape, cut levies, and be a champion of the independent broker.
Self-regulation for brokers ended in 2005 with the switch from the General Insurance Standards Council (see box) to the Financial Services Authority which in turn
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