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GISC Update: Navigating Industry Change and Consumer Expectations

This tentative agenda outlines the GISC Update, focusing on the mood of the industry, strengths and weaknesses of the existing system, and anticipated changes driven by feedback from H.M.G. and consumer bodies. It highlights the commitment to a sensible implementation of Rule 42, the need for effective engagement with consumers, and the importance of regulatory evolution. Key themes include self-regulation, consumer representation, and adapting to market practices, emphasizing that regulation should enhance business practices rather than be viewed as a burden.

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GISC Update: Navigating Industry Change and Consumer Expectations

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Presentation Transcript

  1. Tentative Agenda • GISC Update • Mood of Industry, H.M.G. and Consumer Bodies • Evolution and Change • Strengths and Weaknesses of the System • Conclusion

  2. GISC Update: • Origins, Objectives and Launch • Feedback to Consultation • Rules • Frequently Asked Questions • Membership Statistics • OFT and Rule 42

  3. OFT and Rule 42 • First Consultation • Necessary Glue for the System • Members May Only Deal with GISC Intermediaries • Anti Competitive • OFT Clearance Required • Implementation of Rule 42

  4. Mood of Industry, H.M.G. and Consumer Bodies: • Generally Supportive But Cautious About Change • H.M.G. Totally Supportive – IBRA Repeal 30 April • Board Commitment to be Sensible/ Pragmatic • Monitoring • Discipline • Consumer Groups Supportive But Expect More Public Interest Representation • Expectation for Rules to be Evolutionary

  5. Evolution and Change - Political: • An Independent Regulator • Effective Engagement with Consumers • Relationship with the FSA • What is GISC’s Political Future? • Constitution

  6. Constitutional Change: • Debate Commenced • Respect for Modern Corporate Governance • Members to be Enfranchised • Sectorial Representation • Increase of Public Interest Representation on Board • Consultation

  7. Evolution and Change - Regulatory: • Responding to Industry • Comment on the Rules • Changing Market Practice • Specifics - Training and Competence - Approach to Discipline

  8. A voluntary regime Self Regulation Itself Compromise Inability to Intervene Lack of Immunity for Directors Willingness to take on the Big Boys Not all Insurers Members Weaknesses of the System:

  9. Strengths of the System: • There is a System • Coherent and Single • Well Supported • H.M.G. want it • Reflects Good Business Practice

  10. Regime Good for Competition: • Promotes a Single Coherent System • Is Administered by an Independent Regulatory Body • Recognises the Different Circumstances of Firms • Does Not Inhibit Product Choice • Facilitates Opening of Lloyd’s

  11. Regime Good for Consumers: • Direct Regulation • Customer Codes • Complaints Handling • Monitoring of Compliance • Financial Requirements for Intermediaries • Competence and Training of Individuals

  12. Conclusion • The Messages are: • Regulation is Not an Option • Grasp the Opportunity to Make it Work • Regulation should Not be seen as a Burden provided it: • Reflects Good Business Practice • Is Appropriate and Proportionate • Peer and Customer Pressure is Coming • Consumer Education is on the Agenda

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