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Why is there any surprise at what's been going on. the regulations are still not specific and clear and as such literally a name change allows a rotten business to carry on unaffected.
The new Insurance Act is only going to benefit one section of society and its not the end clients but the lawyers arguing the toss over how to interpret a principal that could be viewed any number of ways.
unfortunately leaving things to the markets needs a rethink when it comes to the fundamentals of what is and is not allowed and fascinating as the article is there will be no stopping this particularly when these companies are registered in Gibraltar or another off shore entity
It should be made quite clear any financial services company giving advice or services relating to the handling of money or compliance thereof has to be regulated by the FCA and not as has been seen 'authorised and supervised by' some obscure entity.
If companies can't register in the UK and be subject to the regulations of all other UK companies then they shouldn't be allowed to handle UK business.
Pass-porting is being abused and has to stop.
The rules don't work because principal don't work anymore which is why so many have got off with no penalties .
Wheatley screwed up because he got caught up in areas that he lost the plot on.
The rule book should be shrunk by 75% so everyone understands what's meant to happen.
By doing that the FCA will cost everyone less and there will be no need for compliance companies and the costs of paying for opinions any more. Every broker and Insurers will benefit as will the end consumer

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