Risk perspectives Getting into good business habits
The file audit is an excellent example of where good business practice and regulatory requirements can be combined to a positive effect. The Financial Services Authority (FSA) has the power to inspect client files at any time, however, any well run broking business should be able to demonstrate that it has the facts about its clients' insurances documented on file.
Without accurate client records, it is impossible for a firm to provide a high level of service and in the event of a dispute the
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