I am writing in response to the article "Law firm warns small brokers on the regulation application" (instimes.co.uk, 6 January 2004).
Which planet is this firm from? If you work anywhere in the insurance industry you would have to be asleep not to have appreciated the implications of the FSA regime.
My impression is that most small brokers are well aware of the requirements in principle of being regulated by the FSA. I have become very jaded though by the constant number of training organisations with scare stories trying to create a training frenzy from which they will profit.
We are all going to need to look at many issues in how we transact our business but a considerable amount of the advice from the so-called experts is not accurate and at best is only their interpretation of the rules.
The statement in your article - "Completing the application should be the final stage of the compliance process, not the beginning" is positively misleading as at the FSA presentation I attended they are encouraging brokers to submit the application as soon as possible and realise that this goes hand in hand with being compliant by Jan 2005
G R Prest
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