Contract certainty: tackling the other 15%

For Alex Letts , chief executive of electronic trading service RI3K, those who believe that the London insurance market will never change should ponder the following statistic: from less than 10% in 2005, 85% of all contracts will now meet the new certainty standards set by the Financial Services Authority (FSA) by the end of 2006. According to Mr Letts, it demonstrates what can be achieved, and how the market can work in harmony when there’s strong leadership. Not to mention a deadline with potentially disastrous penalties! But what should the FSA do now? Reflect on a job well done? Or merely toy with increasing targets for 2007?