The British Insurance Brokers' Association (BIBA) has welcomed the recent clarification by George Osborne, the Shadow Chancellor of the Exchequer, where he promised to move cautiously in dismantling the FSA.
Eric Galbraith, BIBA CEO, said: "Following publication of the Conservative White Paper From Crisis to Confidence: Plan For Sound Banking, we responded setting out our high level concerns for the insurance intermediary industry. We were concerned about possible disruption and take some comfort from this explanation". Galbraith added: "Our major criticism of the current regulatory regime is that the insurance intermediary sector was shoe-horned into an existing regulatory framework designed for the higher-risk parts of the financial services sector. We are concerned that the Conservatives ...
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