It is not clear if FSA’s mission creep is more likely to increase or reduce the number of future insurer’s insolvencies. Finally, it is not a small task. This is why in the next months the FSA will recruit 460 new regulators to run the national insurance industry. As Hector Sants, FSA’s boss, puts it: “if society wants a more proactive approach it must accept that it will have a larger and more expensive regulator”.
In the most recent Z/Yen ranking of global insurance centres London dropped from the first to the third position. The London’s unique insurance business model (globally recognised as “The London Market”) withstood centuries of business cycles, natural catastrophes and political cataclysms. Let’s just hope it will survive the upcoming decades of “proactive” regulation.
Jesus Christ, is there no aspect of British life, history and tradition that these motherfucking money-grubbing, nannying, bullying thieving and above all, utterly fucking incompetent scum will not destroy?