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
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