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Too little too late

05 May 2014

Too little too late – read more

Recent events highlighting governance issues in the insurance industry show that it could trigger the next financial crisis unless it is urgently reformed.

Earlier this year, a £200 million black hole was discovered in the accounts of insurance group RSA,which focused attention on this often over-looked industry. The financial statements of insurance groups are notorious for their complexity and for this reason the International Accounting Standards Board (IASB) is currently targeting accounting in the sector.

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