Pass the baton


One of the less appreciated risks in our brave new regulated world is that of 'regulation creep' as insurance is affected by activities elsewhere.

Following the banking crisis, the Financial Services Authority (FSA) was stung by criticism of how it regulated the financial markets, in particular the principles-based approach.

Hector Sants, chief executive of the FSA, sounded the death knell in a recent speech. He claimed the approach had been misunderstood, that the policy-making framework made i