Norwich Union (NU), working with PricewaterhouseCoopers, has provided an online checklist to enable brokers to assess whether they are fully compliant with the FSA.

Site visits and contact with brokers by NU have revealed there are still many regulatory issues and concerns that could indicate non-compliance if scrutinised by the FSA.

Steve Edwards, broker development executive at NU, said: "Our concern is primarily for small and medium sized brokers that have completed their own compliance requirements. While on the surface they may seem to conform – all the boxes are ticked and authorisation has been granted – from
working closely with brokers we are anxious that a visit from the FSA could reveal some problem areas.

“Currently high on the brokers' agenda is the requirement to collate material made necessary by the 'Reporting Requirements' part of regulation. If compiled inadequately this could highlight a number of issues and provoke investigation from the FSA."

The checklist is available to brokers on the NU website.

Topics