Q Does the firm believe FSA regulation of general insurance has improved clients' understanding of the products they are buying?Brokers are shopping around more to cover themselves Removes any ambiguities and gives the customers all information that is necessary to make a well informed decisionAny products sold face-to-face by intermediaries. Our customers need to understand process to shop aroundIn the corporate market, most clients understanding of products has always been good. Our advisers and presentations have always been clearImproved documentation and product awarenessToo early to judgeCompulsory policy summary has helped clients understand scope of cover.
Q Following the introduction of FSA regulation of the general insurance industry, does the firm believe customers are shopping around more than they have previously? Our customer retention rate is very good and we feel that FSA regulation has not influenced customers to shop more in any significant manner. However, we have no research to support this conclusion
No clear evidence either way No evidence to suggest so They seem to be getting fed-up with repeated non helpful preambles Fewer competitors.
Q Has the firm experienced any benefits as a result of the new regulatory regime?Helps in improving business processes and makes it easy to implement our mission and valuesHas made whole broking profession seem more professional in clients' eyesMore professionalism among our competitors We were the first broker in the UK to launch appointed representative network for property managing agents which has been a financial and customer focused success It has helped to formalise policies and procedures.