Brokers and insurers set to face more costs

Brokers and insurers are set to face yet more costs following the FSA's newest rules on the reporting of retail insurance product sales. The FSA says in CP197 that all retail firms must report every product sale, either on a bi-annual or quarterly basis, depending on the firm's income. The FSA plans to align reporting periods with firms' financial years and move reporting to an IT-based system to reduce costs. Grant Ellis, managing director of the Broker Network, said he was concerned that yet

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