Son of ICOB: Has ICOBS delivered?

In January 2008 the FSA implemented Insurance: Conduct of Business Sourcebook (ICOBS) which replaced the old Insurance: Conduct of Business (ICOB) Sourcebook. Apart from confusing the industry with its subtle name and acronym change, what the regulator really set out to achieve was a move towards a more principle-based approach for the general insurance market. Was this the right approach, and did the regulator achieve what it set out to achieve?  Well, in a recent post implementation review of the changes that (ICOBS) brought, the FSA has sought to identify this. As with reviews o...