Industry guidance won't trigger action - FSA

Speaking at the Association of British Insurers (ABI) conference ‘Thinking for Tomorrow’, Nick Prettejohn, chief executive of Prudential, warned moving to a principles based regime, may mean trade associations and companies themselves start producing their own handbooks and ‘good practice guidance’ to fill the gaps. He says: “We will have a hybrid regime because of Europe and the objectives of the FSA on retail markets and consumer protection mean it will be hard to let go of the comfort blanket of rules.” He points out in some cases rules are the right regulatory tool and it ...