Woolfson Quoted in Insurance Day on Competition

Philip Woolfson of the Brussels office was quoted extensively in the April 26, 2005,  “Comments & News Analysis” column in Insurance Day: “EU puts the spotlight on competition in insurance.”

Noting the European financial services markets’ fragmentation concern, the extent of the EU competition commission’s powers, and “draconian” community-based sanctions, Philip Woolfson outlined the elements of a credible self-assessment program: “regular and based on an effective and comprehensive compliance programme (which can also address any “legacy” issues).” In addition, it should be tailored to the company; include a legal audit, a compliance manual, legally vetted documents, and robust policies and procedures; be reinforced by training and information exchange; evaluated regularly; and backed by senior management.

Not only do such compliance programmes mitigate the risk of a commission fine, they also “reduce the risk of competition law infringements generally,” which can lead to legal actions for damages and/or interim measures in national courts, unenforceability of contractual obligations, and serious damage to a company’s reputation, rating and share price.”

Read the article.

This article was first published in Insurance Day, Issue 1,844, 26th April 2005, and has been reproduced by kind permission of Insurance Day.

For more information, see Philip Woolfson's 18 March 2005 Briefing.