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UK's insurance rulebook to be heavily pruned in competitiveness drive

( May 13, 2025, 23:02 GMT | Official Statement) -- MLex Summary: The UK's financial markets watchdog aims to scrap even more insurance red tape than initially planned in a paper last July. In a consultation released today, the Financial Conduct Authority outlines proposals that include a new definition to identify large commercial insurance customers who should be exempted from its conduct rules. It also proposes scrapping mandatory yearly product value reviews, allowing the appointment of a lead insurer to ensure compliance where multiple parties are involved in designing an insurance product and simplifying the use of bespoke contract exclusions for all insurers and brokers. It is inviting feedback by July 2.  Statement follows....

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