According to a recent survey, firms will be “authorised but not compliant” when FSA regulations come into force in January.
The research conducted by Docucorp said 96% of 200 senior managers questioned believed that insurers had achieved FSA authorisation without being compliant.
The survey also said 64% of insurance insiders believed that compliance could have been more cost-effective if more time had been given to prepare for it.
More than 90% believed the FSA substantially underestimated the cost of implementing the regulatory requirements, the survey said.
