As many as half of the UK's insurance brokers are in danger of missing the FSA's compliance deadline, according to Beachcroft Wansbroughs Consulting.
Launching its new compliance guide, Comply Now, Beachcroft Wansbroughs Consulting warned that many brokers have not begun to address regulatory requirements.
Jim Fleming, the FSA's former head of corporate authorisation and author of Comply Now, said: "Time is very tight for firms who need to get to grips with the proposals and complete large amounts of detailed work. Although there is more than a year to go before authorisation is required, applications need to be made much earlier and preparation earlier still.
"Brokers who leave their applications until late 2004 will find themselves making a larger contribution to the FSA's coffers. They will also be running the risk that they do not receive authorisation in time for the deadline and may have to suspend their businesses until authorisation is received - a big price to pay."
The guide has been launched in association with AFP Consulting and CSTARR Ltd.
