Grey areas

Evolution rather than revolution is normally the protection industry's preferred method, so it is remarkable that the FSA has been largely successful in winning the industry over to a revolution in regulation. Its adoption of principles-based regulation is being watched by regulators worldwide as a possible model, an experiment backed more or less by UK financial services. Roger Edwards, product director at Bright Grey, notes that rigid and prescribed regulation should not be required in a market as long as its participants maintain high standards of professionalism and integrity. However...