Bound to do well

To brokers, the idea of binding authorities may seem very straightforward and hugely beneficial. After all, why not have the power to write business on behalf of an insurer and earn lots of commission - with the possibility of profit-sharing too?But there is a lot more to binding authorities - not least the fact that the Financial Services Authority (FSA) is still considering how they should be handled under its forthcoming regulatory regime. And there have been horror stories in the past of