The Financial Conduct Authority (FCA) wants to be seen to be acting tough on risky products following the crash of the financial services industry, leaving insurers with the acute need to regain public trust, the Association of British Insurers (ABI) chairman has said.
In his opening speech at the ABI Biennial Conference yesterday Tidjane Thiam - who is also group chief of Prudential - told delegates that he uderstood the regulator's keenness to remove bad practice from the financial services industry, but claimed that the insurance industry was sometimes targeted unfairly. He said: "We are part of a financial services industry and there is no hiding of the fact the industry has suffered significant loss of trust in recent years and that has impacted, sometimes unfairly, our sector. "We must not be in denial about the crisis and the strength of feel...
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