Airmic encouraged by talks with new regulator

The new financial services regulator is keen to work with Airmic, and is aware of the main issues facing corporate insurance buyers. That was one of the main conclusions following a top-level meeting between the Financial Conduct Authority’s head of insurance Simon Green, Airmic chief executive John Hurrell and technical director Paul Hopkin.

“We came away encouraged that the FCA understands the difference between the requirements of personal and commercial insurance buyers  and appreciates that Airmic members form a very important community,” said Hopkin. “The FCA has many of the same concerns as us - for example, over broker income models and the need to ensure that IMD2 [forthcoming EU regulation] does not sweep aside existing agreements in relation to transparency and disclosure.

“We understand their structure and know who to contact, and we have a better insight into their thinking.”

One of two bodies to take over regulation from the FSA, the FCA is responsible for overseeing the way insurers and brokers behave towards their customers; matters concerning insurer solvency and financial strength are now handled by a separate regulator called the Prudential Regulation Authority.

Paul Hopkin  - “ we came away encouraged”