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Compliance competent life assurance companies: A partnership approach

Jonathan Edwards (School of Finance and Law, Bournemouth University, Dorset House, Talbot Campus, Fern Barrow, Poole, Dorset BH12 5BB, UK; tel: +44 (0) 1202 595284; fax: +44 (0) 1202 595261; e‐mail: jedward@bournemouth.ac.uk)

Journal of Financial Regulation and Compliance

ISSN: 1358-1988

Article publication date: 1 March 2003

269

Abstract

This paper, set in the context of a rationale for financial regulation, considers how the Financial Services Authority’s (the regulator) approach to establishing compliance competent organisations in the life assurance sector (the regulated) has evolved from a prescriptive approach to one of cooperation with those regulated, in order to establish a working partnership. It focuses on investment business and the resulting importance of conduct of business regulation. It reviews the regulator’s approach, linking academic theory to existing practice and the progress made in the developing and evolving relationship between the regulator and the regulated. It establishes what steps/phases have already taken place within life assurance companies seeking to incorporate and change their compliance culture. It creates a template for the review of progress in seeking to achieve the regulator’s goal of compliant competent organisations, while identifying the essential elements of the new partnership approach. This approach will not only meet the regulator’s stated aim of improving consumer protection but also benefit life assurance companies themselves.

Keywords

Citation

Edwards, J. (2003), "Compliance competent life assurance companies: A partnership approach", Journal of Financial Regulation and Compliance, Vol. 11 No. 1, pp. 10-20. https://doi.org/10.1108/13581980310810363

Publisher

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MCB UP Ltd

Copyright © 2003, MCB UP Limited

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