The Financial Conduct Authority (FCA) needs to decide when the Senior Managers and Certification Regime will come in for brokers as soon as possible, according to David Sparkes, head of compliance and training at the British Insurance Brokers’ Association (Biba).
“Once we know the date the larger brokers will have the ability to start working backwards from that to prepare their submissions for the FCA so that they are ready in time,” Sparkes told Insurance Age.
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