Regulatory clutter should be swept away and smarter regulation of insurance instituted, the Financial Services Authority (FSA) said today.
FSA managing director John Tiner said consumers and firms would both benefit and should work with the FSA to reform the regulatory system.
Tiner, speaking at an FSA conference today, said: "Smarter insurance regulation does not have to mean more insurance regulation.
"When we look at disclosure to consumers, for example, it is clear that less is more. It would be far more effective to give customers a small amount of genuinely useful information that they will digest than to swamp them with a lot of material that goes unread."
He also encouraged companies to work with the FSA on regulatory reform to help increase consumer confidence in the insurance sector.
