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Call for FSA to lighten regulation

The FSA should introduce lighter regulation on some products for life offices with Raising Standards accreditation or face the public abandoning the industry, says CIS.

General manager (life and compliance) Mike Fairbairn says the FSA should slacken rules on certain products and exempt accredited firms.

Without some form of cre-dit rating for firms based on the Raising Standards initiative, Fairbairn says a wedge could be driven between the industry and consumers. He says: “We need to gain the trust of the public or they will get satisfaction elsewhere.”

An FSA spokeswoman says: “We are looking at how we regulate insurance companies through the Tiner project to make our approach more ref-lective of the risk. Lower-risk companies are likely to come under less attention.”

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