General insurance brokers confident of meeting July FSA deadline
Over 96% of general insurance brokers are confident that they will be fully prepared to submit their application (by 14 July 2004) to seek authorisation to conduct general insurance business from the Financial Services Authority (FSA), which, from 14 January 2005, will become the industry's statutory regulator.
However, 53% of the 160 respondents to a survey by GrantThornton's Financial Markets Group believe that once the industry becomes regulated corporate and personal risks will not increase,or will not increase much when compared to the previous GISC regime.In addition, only 16% of the respondents thought that the current GISC regime was very effective. 43% of the firms questioned also admitted that they probably didn't comply with all GISC's requirements.
"If the general insurance market thinks
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