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Insurance Companies: Ethics

Volume 458: debated on Thursday 22 March 2007

To ask the Chancellor of the Exchequer what complaints his Department has received on the ethical standards of the insurance industry. (128956)

The Treasury receives correspondence relating to a wide range of issues. I am not aware of any recent letters to the Treasury on the ethical standards of the insurance industry.

The Financial Services Authority (FSA) is responsible for regulating the insurance industry. The FSA’s Principles for Business place high-level responsibilities on regulated firms to, among other things, act with integrity and to treat their customers fairly. Additionally, the FSA’s Threshold Conditions set down the minimum standards for becoming and remaining authorised, including that the firm is ‘fit and proper’ to conduct authorised business.