The British Insurance coverage Brokers’ Affiliation has referred to as on the Monetary Conduct Authority to contemplate the danger of the damaging affect its proposal to call companies at first of an investigation might have and flagged the hazard of great injustice for harmless companies.
The commerce physique additionally highlighted the dearth of a price profit evaluation and urged there had not been sufficient consideration for the precept of proportionality.
Biba CEO Graeme Trudgill instructed Insurance coverage Age: “Whereas we assist an environment friendly enforcement course of, we do have grave considerations in regards to the proposal to ‘identify and disgrace’ companies on the outset of an investigation.”
Session
The FCA opened a session earlier this yr on a “step change” in being extra clear when opening an investigation
Solely customers who’ve a paid subscription or are a part of a company subscription are capable of print or copy content material.
To entry these choices, together with all different subscription advantages, please contact info@insuranceage.co.uk.
