Neither the Financial Services Authority nor the insurance industry can please all the people all the time as widely differing views expressed at a general insurance conference this week demonstrated. The Future of General Insurance conference, which was organised by the Institute of Economic Affairs, heard that the FSA came out well compared to many of its counterparts in Europe but one speaker thought much of the current crisis could be laid at the door of the FSA.
Philippe Maso y Guell Rivet, chief executive of AXA, said that the FSA compared well to other European regulators. In particular, he thought the UK regulator was closer to the business world than in other countries. "This means the regulator here won't counter the business so much but it will unleash change more easily," he said.
Not all of his fellow speakers were as magnanimous, however. Robert Marshall, chairman of Trident Insurance, said the insurance industry was losing its direction and this was not helped by the
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