Your correspondxent (Letters, 23 October, Insurance Times) makes a very good point about scaremongering by networks and compliance consultants.
Like him, I have been monitoring developments and it would seem that the FSA is by no means making draconian regulations.
Any of us who has been around a while and is thriving is GISC compliant with proper accounting procedures along the lines of the old IBRC method should not have too much of a problem. Add the saving on your GISC renewal and it's not all doom and gloom.
The one issue I have with the FSA is that in return for a four-figure fee a correct application will take six months to process.
Can anyone tell me of a similar scenario in commerce? What would a client say if he were to pay a large premium then be told that the policy would be delivered in six month's time, or if he has made a mistake on his proposal form, a year? I would welcome any comments from the FSA
Michael Butler
Prestige Insurances
Cliftonville
Send letters to: Insurance Times, 30 Cannon Street, London, EC4M 6YJ or email
letters@instimes.co.uk or fax 020 7618 3499
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.
