Growing FCA attestation appetite a warning for brokers
The Financial Conduct Authority has increased the level of attestation requests dished out to insurance firms in recent years, and the serious regulatory tool is one brokers need to keep a keen eye on according to compliance specialists.
“Essentially attestations are confirmation from some member of the senior leadership team that the firm either is going to do, is doing, or has done whatever it is the FCA wants them to do,” David Sparkes, regulation director at the British Insurance Brokers’ Association, explains.
“It tends to be something that the FCA feels it can trust the firm to go off and do by itself.”
Branko Bjelobaba, managing director at consultancy Branko defines it as: “There is an area of interest in terms of
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