FSA favours high-level principles

The Financial Services Authority (FSA) is committed to tipping the balance of insurance regulation in the UK towards high level principles and away from prescriptive rules, said John Tiner in his speech to the industry during the Insurance Sector Conference in March. By instilling the principles within firms, the regulator hopes that it can ease off over-burdensome rules in favour of high levels of good practice throughout the industries it regulates.