A survey of more than 200 general insurers and brokers has revealed that senior managers think they are serious problems with FSA compliance.
According to the Docucorp survey, 96% of senior managers said “many firms” would not be compliant by 14 January deadline, despite being authorised by the FSA.
A further 92% said the FSA substantially underestimated the cost to the industry of implementing the new regulatory requirements.
Nearly two thirds (64%) within the industry believe far more cost-effective methods of compliance could have been found had it been given longer to prepare.
There were also concerns from 65% of respondents that the watchdog will seek to make examples of some firms once the new regime starts.
