The Association of British Insurers (ABI) is urging the Financial Services Authority (FSA) to improve its enforcement procedures to provide "greater transparency, objectivity and certainty."
The ABI’s recommendations have been made in a response to the enforcement process review issues paper published by the FSA in March. In the issues paper, David Strachan set out the legislation under which the FSA must operate – including the warning notice, decision notice and tribunal framework – but said the FSA had no plans to change primary legislation as a result of the consultation. The FSA said the decision making process on enforcement had to be fair, efficient and effective and that it was launching the consultation to determine whether this assertion was still valid. The ABI...
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