Brokers' expansion plans face lengthy delays
The Financial Services Authority (FSA) is taking more than twice as long to approve regulated firms' expansion plans, known as a variation of permission.
Data sourced by law firm Reynolds Porter Chamberlain (RPC) under a freedom of information request has shown an 130% increase to an average 81.5 days for approval in the 12 months to September 2010. For the same period last year the waiting time was 35.5 days.
RPC regulatory partner Jonathan Davies told Insurance Age brokers would be affected should they seek to expand their offering from commercial to retail lines or vice versa, but not within them. Any broker expanding into investments would
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- JMG strikes its biggest deal of 2024 with BQI swoop
- Pen inks £150m social housing capacity deal with SiriusPoint
- Jensten to invest £1m in fledgling brokers through Coversure