Industry wins contract certainty reprieve

It looked like it could go either way for a time but the London and UK insurance market has won over the regulator with its improvements to contract certainty standards. In a meeting with the industry on 24 January 2007, the Financial Services Authority (FSA) agreed that the industry had done enough to continue progress without regulatory intervention. According to industry data, 90% of contracts in the subscription market reached contract certainty standards beating its 85% industry-set target. The non-subscription market achieved 88% contract certainty although its original target was set at 100% by the end of December 2006.