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Insurance industry progressing “more slowly” than banks in its compliance, says FCA conduct director

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The insurance industry is progressing “more slowly” than the banking sector in its compliance with rules set out by the regulator, according to a senior Financial Conduct Authority (FCA) official.

The conduct regulator’s director of general insurance Karina McTeague argued that insurance is lagging behind as far as implementing her organisation’s conduct agenda is concerned, citing the Senior Managers and Certification Regime as an example.