Willis CEO Joe Plumeri is calling for a principles-based approach to regulation rather than stringent rules as the best way of reducing red tape and improving client service.

Speaking at a Financial Services Authority conference in London, the head of the world’s third-largest broker also called for more consistency in international regulations so clients have the same level of industry service no matter where they conduct business.

“Principles are values you hold that are non-negotiable – you should know what the right thing to do is, and do it with a passion,” he said. “Otherwise we spend more time mechanically following the rules by making sure the boxes are checked and the forms filled out, and not really acting in the best interest of our clients.

“The outcome of a principles-based approach, practised globally and with regulatory flexibility, will be that clients have confidence and faith in the industry – and that is a must for everyone involved.”