Increase in insurers outsourcing despite FSA concerns
A recent survey carried out by International law firm Pinsent Masons LLP has revealed that the appetite of major insurers for outsourcing is likely to increase in 2008, which suggests that insurers feel confident that their arrangements are sufficiently robust to allay FSA concerns about outsourcing.
It also suggested that longer-term arrangements are still seen as an important contribution to cost-saving, despite the FSA's systems and controls rules, and despite the impact of VAT changes over the next three to five years as a result of the European Commission proposals to modernise the VAT regime for insurance.
The survey revealed that 82% of respondents did not find regulations on outsourcing unduly restrictive, with half of these respondents finding the level of regulation 'about right'
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