A lot to take on board
There have been fundamental changes for claims handlers to take on board since the FSA began regulation of the handling and adjustment of general insurance claims in the UK. But how significant has the shift from voluntary codes of practice proved? Alex Peak investigates
One view that is widespread among claims handlers is that the industry was already carrying out the practices required by the Financial Services Authority (FSA), before the advent of regulation, but that the current administrative pressures to record and prove that those practices are in place have required investment in terms of time and resources.
This view is borne out by David Williams, Axa claims director, who compares the current regulatory environment to the voluntary codes of practice:
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