Regulatory risk ignored by general insurance sector - survey

Underlining this view is the finding that 72% of respondents "failed to recognise key regulatory terminology", whilst four in ten of the top 50 brokers "had not budgeted how much preparations would cost". That is not to say respondents held much faith in the existing voluntary system overseen by the General Insurance Standards Council, as just 16% of those surveyed said the current regime was effective. Some 43% of firms said they probably did not comply with GISC requirements in any case. The risk to firms and individuals is they ignore the warning signs, and only learn too late o...