Question: On reading the application forms it would seem that brokers with an annual income do not have to provide business plans. Does this mean they are not actually needed or that they just don't have to be submitted?
Answer: I am assuming that this refers to brokers with an annual income of less than £1m. This is indeed correct. The FSA sees brokers with over £1m income as requiring more detailed systems and controls. Having a business plan is always a good idea and Annex 1 (the section that asks for the plan) is a very good guide as to what the FSA will be looking for. However, as a small business this is not compulsory.
Matt Dyer is managing director of The Insurance Training Consortium
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
