Howard Davies challenge to the insurance industry: "Prove we can rely on quality mark scheme"

Howard Davies said:

The FSA welcomes the launch of the Raising Standards quality mark scheme and wishes it well. We will be watching closely to see whether the promises built into the scheme honesty, transparency and respect for consumers are delivered in practice and help rebuild the trust that ought to exist between the industry and consumers.

We intend in future to take a more risk-based approach to regulation, and we are always looking for opportunities to deploy our regulatory resources more effectively and to ease off in appropriate places. But we shall need to see delivery from the insurance industry first. So my challenge to the industry is for it to prove that we can place reliance on these quality standards.

Notes for editors

1. Howard Davies was speaking at the ABIs launch of their Raising Standards quality mark scheme. The full text of his remarks are available on the FSA website.

2. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

3. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.

Appended information

This speech is available from the publications section of our web site. The direct URL is http://www.fsa.gov.uk/Pages/Library/Communication/Speeches/2000/sp59.shtml.