Mutuals must work hard to ensure regulation is fit for purpose

Shaun Tarbuck, International Co-operative and Mutual Insurance Federation

During the past month I have spoken to the chief executives of many International Co-operative and Mutual Insurance Federation (ICMIF) organisations and also a number of other financial services leaders and the key topic of conversation is invariably regulation, or should I say the potential tsunami of regulation that appears to be coming our way. Many of these industry leaders view the situation as one of over-regulation, which is not only a burdensome cost but also a drain on human resources. From the regulation industry side it seems to be a situation of carte blanche to regulate everything that is slightly risky. The two sides are becoming more and more polarised.