The FSA has called on life offices to ensure their risk management procedures are up to scratch in what it calls a "rapidly changing business environment".
Speaking at an Institute of Economic Affairs conference today on the future of life assurance, FSA director and insurance sector leader, Sarah Wilson, says recent market events “have tended to reduce the room for error”. In addition, Wilson says firms must focus on TCF and says some areas, including the quality of customer information and with-profits governance, must improve. But Wilson also praised the "substantial and encouraging" progress that has been made in some areas over the last few years. “The strategic challenges for life company senior management are significant and probably...
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