There is much that brokers can learn from the IFA's experience of FSA regulation. IFAs have been subject to regulation by the FSA since 2001, and the broad principles of that regime are similar to those that will govern general insurance brokers.
Brokers with IFA arms will, therefore, find it easier to get their general insurance house in order than those without IFA arms.
Even for brokers without knowledge of the IFA sector, there are useful lessons that can be learned. As Harriet Quiney says in her article this week, financial advisers have found that it is vital to maintain an open relationship with the FSA; it is also essential for them to maintain high standards of record keeping.
Brokers will find FSA regulation an easier experience if they keep in mind the lessons learned by IFAs before them.
Michael Faulkner
If you have received a 'minded to authorise' letter, email:
michael.faulkner@instimes.co.uk
