Insurers, dealers face recovery-plan rules as FSC consultation closes

The Financial Services Commission (FSC) closed public consultation on Wednesday on guidelines that would require insurance companies and securities dealers to keep board-approved recovery plans setting out how they would survive a severe financial shock. The window ran from August 17 to September 16. The regulator said the framework would “reduce the likelihood of disorderly failure or reliance on extraordinary public or governmental support” and “ensure continuity of critical functions and services”.