UK: Contract Certainty Reforms: FSA Confirms No Further Contract Certainty Figures Required and the Contract Certainty Steering Committee (CCSC) May be Disbanded

Following the CCSC’ s and the FSA’s latest discussions regarding the continued good progress being made by the market in achieving contract certainty, the CCSC has written to the CEOs of all UK Insurance Industry firms confirming the FSA’s agreement that:

once the figures for December 2007 have been gathered, there is no further need to continue to provide central measurement of contract certainty achievements; and
the CCSC may stand down as it has achieved its purpose of embedding contract certainty into everyday business.

This does not however mean that contract certainty can be taken off the business agenda; the FSA expects firms to continue to comply with and demonstrate performance in line with the Contract Certainty Code of Practice and to continue progress in tackling legacy issues. The FSA may request evidence of this when visiting firms and will take action for non-compliance.