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The Case for Self-regulation of Market Conduct

Explore the case for self-regulation of market conduct, considering cultural, legislative, and taxation factors. Discover arguments in favor of self-regulation such as distribution methods and consumer awareness, countered by challenges like regional markets and global insurance firms. Delve into personal views on global standards, local guidance, and corporate governance in market conduct. Gain insights into business unit practices, recruitment, outsourcing, risk-based approaches, compliance culture, accountability, and goal congruence. Find answers to market conduct questions and remarks on the future of self-regulation and internal assessments.

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The Case for Self-regulation of Market Conduct

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  1. The Case for Self-regulation of Market Conduct • “Market conduct is specific to culture, legislation and taxation” • Arguments in favour: • Main distribution method • Level of awareness of consumers • Level of state provision of social security • Countered by: • Growing regional markets (eg EU, Internet) • Globalisation of major insurance companies

  2. Market Conduct – A personal view • What are the Options? • Global standards • Global principles and local standards • Global principles, local guidance and strong corporate governance

  3. Market Conduct – A personal view 2001 Average 2002 Average Best in class Worst in class Business Unit “Buy-in” Recruitment of quantity not quality Fewer, more detailed business investigations Outsourcing of non core functions Risk based approach Compliant culture 100% fact find checking Continuous Improvement Company A 2002 Clarity of accountability and responsibility Company A 2001 Goal congruence Past business reviews Remuneration for compliant behaviour Specialist KPI “Dashboards” Standard KPI’s used

  4. Market Conduct – A personal view

  5. Market Conduct Questions and Comments

  6. Closing remarks • The implementation of Principle 11 and the Principles paper will need to be addressed in the near future • The current regulatory models have drawbacks • The use of Self-regulation and Internal Market Conduct Assessment deserves further study.

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