werk

[blufive]

On Saturday, the Financial Services Authority takes over regulation of the UK general insurance market.

I work as a computer programmer for a company that sells software to insurance intermediaries.

Let's just say things are a little busy right now, and customers that are still changing their requirements are likely to be disappointed if they want them live by the end of the week.

Comments

[alexmc.livejournal.com]

> On Saturday, the Financial Services Authority takes over regulation of the UK general insurance market

You mean it doesn't already? Gosh.

[blufive.livejournal.com]

Nope. In the UK, General Insurance, for the next 23.5 hours, is loosely self-"regulated" by the General Insurance Standards Council, a voluntary industry body.

The immediate effect is (more or less) that all the insurance intermediaries in the country will have to abide by the (previously voluntary) GISC standards, with the theoretical threat of draconian penalties if they break the rules. (Note: it is of course, just a *leetle* more complicated than that)

It remains to be seen how rigorous the enforcement will be, but some people are eager to not find out in person.