FSA warning to life offices regarding management information

Wed, 21 May 2008

The FSA has asked life offices to make sure that their risk management procedures are up to the required standard in what it says is a rapidly changing business environment.

Speaking at an Institute of Economic Affairs conference on the future of life assurance, FSA director and insurance sector leader, Sarah Wilson, commented that recent market events had reduced the room for error. She added that firms had to focus on TCF and that there had to be improvement in areas such as the quality of customer information and with-profits governance.

The FSA will be placing great importance in the final stages of its TCF initiative on establishing that firms have the correct management information (MI) in place and especially MI that "measures outcomes and not processes" said Ms Wilson. However, she paid extra attention to with-profits governance which she says "is not amenable to analysis using management information and that it is fundamental that policyholders are treated fairly".
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