Becoming FSA compliant can be a painful experience. Systems and processes need to be transformed, audit trails created and the many thousands of pages of regulatory rules digested.
But while all brokers will experience at least some discomfort as they implement the changes, the aim should be to get the maximum benefit out of the process.
You should take the opportunity to review your businesses, look for places where greater efficiencies can be gained and increased revenues can be created. As Phil Barton argues this week, you should consider their distribution chains, their core systems and their revenue streams.
FSA regulation is a chance for you to become fitter, more competitive businesses. Take advantage of the opportunities.
Michael Faulkner
If you have received a 'minded to authorise' letter, email:
michael.faulkner@instimes.co.uk
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
