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

Send letters to: Insurance Times, 30 Cannon Street, London, EC4M 6YJ or email or fax 020 7618 3499