Patrick Snowball, executive director of Aviva, will criticise regulation of the insurance industry in a speech today, as he warns companies they need to work on increasing consumer confidence, says the Daily Telegraph .
In a speech to the Insurance Institute of London (IIL), Snowball will say the industry is "over-regulated" by the Financial Services Authority (FSA), arguing it has, in some areas at least, earned the right to "light touch regulation". He is expected to say: "We all need to work with the FSA to strike a better balance between consumer protection and proportionate risk-based regulation which encourages innovation and competition." According to the paper, Snowball will say that while the industry needs a "framework of regulation that inspires confidence", there are situations where "regul...
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