Trade body demands greater clarity over new regulators
The International Underwriting Association (IUA) has called for greater clarity on how the two new insurance regulators are going to cooperate.
The IUA’s Regulatory Reform Working Party, made up of legal and compliance officers from the association’s members, was set up to monitor the establishment of both Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA).
A programme of activity has been settled on and will include examining the role of the FCA in the insurance industry, the interaction of both new bodies with other international supervisors and the processes for consultations, complaints and appeals.
The
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