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FSA introduces new regulatory framework

Changes in pipeline for number of years

The Isle of Man Financial Services Authority has set out new guidelines for the insurance sector which are set to come into force in the new year.

A code of conduct has been issued which it hopes will lead to enhanced standards around how products are sold, designed and received by customers.

The framework published by the FSA is being implemented from 1 January with the aim of bringing regulations in line with international expectations.

Chief Executive Karen Badgerow says the changes have been in the pipeline for a number of years.

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