Axa: compliance doubts at heart of Spirit merger
Jobs to go as Axa merges underwriting unit with direct operation as part of commercial review
Axa has cited doubt concerning the ability of some smaller brokers to comply with Financial Services Authority (FSA) regulation as one of the reasons for merging its Spirit Underwriting unit with its direct commercial operation in Glasgow.
The move, which forms part of the insurer's review of its commercial operations, stems from concerns within the organisation that a significant percentage of smaller brokers would not be FSA compliant.
An Axa spokesman said the company anticipated that the
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