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Autumn Statement: Gov't calls on FSA to open doors to overseas insurers

by Alex Steger on Dec 05, 2012 at 14:41

Autumn Statement: Gov't calls on FSA to open doors to overseas insurers

The government has called on the Financial Services Authority (FSA) to allow overseas-based insurance companies smooth entry into UK.

In the Autumn Statement the government said it wanted the UK to build on its competitiveness in the insurance sector and continue to stimulate interest in the market from overseas insurers.

It said: ‘The government particularly welcomes interest from insurers that meet the conditions for authorisation and that want to do more business in the UK and the government has asked the FSA to ensure that new applications from overseas insurers are processed smoothly.’

3 comments so far. Why not have your say?

Julian Stevens

Dec 05, 2012 at 15:29

It'll make a change from slamming doors in the faces of IFA's

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John Burchett

Dec 05, 2012 at 15:38

More redundancies for UK insurers. More competitive but more unemployed.

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sol trader

Dec 05, 2012 at 15:50

Here we go - they've turned into New Labour.

That's right any foreign insurer can come here - we won't check too hard on your finances or, if we do, don't worry because the people doing the checking aren't exactly over qualified. We'll smooth it through

No need to worry, if you go bust we have a bunch of idiots who will pay your clients under a fantastic wheeze we have going called the FSCS.

Just remember us when you are handing out various contracts and please try and pay us a bit more corporation tax this time...

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