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Industry meets FSA’s challenge on contract certainty

The FSA has announced the insurance industry has met the challenge laid down to achieve a solution to contract certainty in the UK.
This follows a meeting with insurance industry leaders today in which the industry reported 90 per cent of contracts in the subscription market and 88 per cent in the non-subscription market are now achieving contract certainty.
In December 2004 chief executive John Tiner challenged the insurance industry to end the “deal now, deal later” practice in the UK, giving it two years to find an industry solution or face regulatory intervention.
Tiner says: “This is a major achievement by the UK insurance industry. Through their concerted hard work they have addressed an issue here in the UK that affects insurance globally. It will serve as a catalyst for the ongoing wider reform of the industry and will further raise the competitiveness of the UK industry.
This work has also demonstrated the benefits of our preference for working towards market-based solutions where we use our influence to effect change rather than our formal powers. A market failure has been largely fixed by the industry without a single new rule being introduced.”

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