Editor Saxon East looks at the importance of getting to grips with regulatory change
For general insurance in the UK the FCA is a very different beast to its predecessor the FSA. When Martin Wheatley took up the helm of the new regulator in April 2013 he was already armed with the motto: “I’ll shoot first, ask questions later.”
The FCA has since proven that its approach to regulation will involve a much more intrusive process than many brokers are used to.
And general insurance is set firmly in Wheatley’s cross-hairs.
The FCA has launched an unprecedented number of thematic reviews into the industry, and this, combined with changes to client money rules and accounting regulations, means that it is more important than ever for brokers and their partners to keep up to date with the shifting regulatory landscape.
So, that is why we have launched the Insurance Times UK Broker Regulation report.
This special report on the new regulatory regime contains everything brokers need to know about the changes to regulations and regulatory oversight. But most importantly, it tells you what it means for your business.
The 12 thematic reviews under the FCA’s control have been assessed by our expert analysts to determine what the outcomes could be and what this could mean for general insurance brokers in the UK.
Experts in their field have been sought to explain the complexities of the new client money rules as well the incoming International Financial Reporting Standards accounting requirements. We even take you through the changes to regulator visits and how to prepare if the FCA comes knocking on your door.
There is also an exclusive Insurance Times survey that gauges the performance of the new regulator in the eyes of your peers, how regulation has changed since the April changing of the guard, and what the future might hold for the costs of regulation.
So as we come up to 12 months of living under the FCA, read-on and make sure you and your business are fully prepared for the challenges and opportunities that lie ahead.
UK BROKER REGULATION REPORT
Insurance Times has created a comprehensive UK Broker Regulation report that brings together everything brokers need to know about the changing regulatory landscape. From preparing for FCA visits to handling client money, dealing with unrated insurers and the implications of thematic reviews and more, this report is required reading for all brokers.