Insurance regulators up and down the land are no doubt quaking in their boots following a blood-curdling declaration of intent from the IIB’s formidable Barbara Bradshaw.
Going far beyond the moderate language of the past, Bradshaw has called flat out for ‘regime change’ in regulation. BB claims that many people are now saying ‘quite openly’ that certain ‘existing regulations in this country are barmy and act decisively to inhibit business.’
Despite the FSA’s plans to hand over power peacefully to the so-called FCA, Bradshaw’s call for regime change will surely strike a chord with many in this industry who have grown impatient with the pace of change.
Shockingly, the IIB has come to believe that ‘aspects of the new regulatory set up will affect the future of the insurance market.’
‘My advice,’ says BB, ‘is don’t allow the FCA to have control over products’ or ‘the UK’s enviable invisible earnings will truly disappear.’
Citing the regulator’s lack of democratic accountability and its ‘massively over-complicated set of rules and principles’, Barbara Bradshaw has clearly run out of patience and is now actively seeking to bring together a coalition of the willing to hasten ‘fundamental regime change’ in insurance regulation.