Biba blasts FSA stance on adequate resources
Eric Galbraith, chief executive of the British Insurance Brokers' Association (Biba), has criticised the Financial Services Authority's (FSA) approach to adequate resources.
Speaking at the FSA conference Insurance intermediaries: risk management and adequacy of resources, in relation to Threshold Condition 4, Mr Galbraith questioned why the regulator takes such an "intense interest" in the area of adequate resources and why any regulation is needed.
As reported on broking.co.uk, the FSA previously sent a letter to intermeidaries reminding them that they must have adequate resources.
Speaking at the conference, Mr Galbraith said that "general insurance brokers
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