KPMG survey finds insurers are yet to be sold on principles-based regulation

Insurers need further convincing that principles-based regulation is the best way forward, according to preliminary results from a survey conducted by KPMG which reveals that less than half of firms believe that consumers will benefit from the transition. Although many insurers agreed with the FSA that the greater use of principles will reduce their regulatory burden some 56% of respondents do not expect the transition to result in benefits for consumers.