News review: February - FSA regulatory takeover put back

Intermediaries found out the definitive timetable for the regulationof the non-life sector by the Financial Services Authority (FSA), whichgave the sector extra time to become compliant.

The timetable was revealed by Financial Secretary to the Treasury RuthKelly in a letter to the chief executive of the General InsuranceStandards Council. It envisaged the FSA taking over the regulation ofgeneral insurance on January 14, 2005.

In her letter, Ms Kelly outlined a timetable that saw the regulation