Our Compliance Zone is an interactive source to make regulation easier for you, says Andy Cook
Last week, the FSA published three sets of guidelines that finally give brokers and other general insurance sellers near-final rules for compliance. That means there are no more excuses for holding off. No amount of debating either within the industry or with the Canary Wharf mandarins is going to change the rules very much, so you may as well just get on with reading, digesting and applying the FSA guides. If it were only that easy.
The problem with a lot of the rules is that the FSA is expecting intermediaries to adopt good or leading practice. And as you might imagine, what consititutes good practice for one company is average for another. That's why Insurance Times has, this week, launched the Compliance Zone. This has been running on our website www.insurancetimes.co.uk for a few months and will now feature every week in Insurance Times.
The idea is simple. We want to provide as much advice and guidance on good practice as we can. Many of you will be almost compliant, but inevitably many others will have gaps in their knowledge. We hope to help those who are near compliance compare themselves to others, and those who have gaps in their knowledge to fill them.
As usual, please give us your feedback. If there are any topics that you think we should be covering in the section let us know. Remember this is your magazine.