Principles-based broking
Q. What will principles-based regulation mean for small brokers?
Prior to January 2005 'non-prescriptive regulation' was the vision for how general insurance regulation would be. This means there is a set of rules but that it is down to the individual firms to understand, interpret and implement these rules for their firm. If the FSA were to scrutinise a firm's approach to compliance, they would measure this against the size and complexity of the firm, and risk to the public, that the activities of a particular broking firm potentially presents.
So, firms
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