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‘Thumbs Up’ to Proposed UK Regulation Overhaul

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The UK's new Chancellor (Finance Minister) George Osborne has announced plans to fundamentally reform the way financial services, including insurance, are to be regulated. Essentially, Osborne's government plans to dismantle the current tripartite regulatory system, eventually abolish the Financial Services Authority [FSA], and place all financial regulation under the control of the Bank of England.

These are major changes, and the details haven't yet been worked out, but one expert who welcomes the changes is Branko Bjelobaba. He currently heads his own consulting firm, which specializes in handling regulatory requirements, including audits and compliance. His firm works with a number of professional organizations, including the British Insurance Brokers Association (BIBA) and the Association of Medical Insurance Intermediaries (AMII). He's also a longtime member, and currently a Vice President, of the Chartered Insurance Institute.

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