Making a big impact
It has been a year since the Financial Services Authority took charge of the general insurance sector, but the word 'regulation' has been a sore subject for many. Dan Coatsworth investigates whether its impact has been as negative as some would suggest
There's no doubt that the new regulatory regime has been a burden to brokers, but the reasons behind its existence are often forgotten. Many brokers have felt reluctance towards Financial Services Authority (FSA) regulation, but are the requirements radically different from the basic principles of good business? The answer has to be no, and fortunately a lot of the industry has come to realise that regulation is not all that bad.
According to the British Insurance Brokers' Association (Biba)
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