Ongoing delays to the European legislative programme bringing in tough new capital adequacy rules could mean the proposals "never manifest in the form originally envisaged" and leave firms that invested in systems in preparation at a disadvantage, according to Cirencester Friendly.
John Bridge, director of sales and marketing at Cirencester Friendly, said that although it has been a source of concern for many providers, recent delays suggest the timescale for its introduction will stretch out and the rules may become increasingly watered down.
Discussing key themes for the insurance sector in 2013, Mr Bridge highlighted the recently introduced gender directive, which he said will inevitably benefit firms that have not historically weighted premiums according to gender, such as Cirencester.
Mr Bridge said: “The first quarter of 2013 will be an interesting time as many IP providers release their gender neutral premiums and seek to find their place in the market.
Mr Bridge said he also hopes the increased emphasis on qualifications for advisers under the Retail Distribution Review, which comes into force after today (31 December), will help the image of providers.
He added: “The demise of the FSA and the establishment of two new regulators in its place generates questions as to the role and operation of the new bodies".
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