Opinion: The bad behaviour of the few is heavily borne by the many

mike-cranny-small-blurred

When I started work 50 years ago, (as far as I remember), insurance was not regulated at all. 

Now it is tied hand and foot by an unsympathetic bureaucracy; the Financial Conduct Authority (FCA), The Financial Ombudsman Service (FSO), and the Financial Services Compensation Scheme (FSCS).

These three levy increasing costs on those they regulate. They have little incentive to save money, and plenty of opportunity to spend it. Spending other people’s money often leads to high salaries

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: