Putting the regulatory theory into practice
The industry is well aware of forthcoming Financial Services Authority regulation, but brokers should also consider what will happen once the regime is implemented
Many brokers are concentrating on getting Financial Services Authority authorisation but fewer are thinking through the implications of working under the FSA.
The new approach to regulation is significantly different from its predecessors, the General Insurance Standards Council or the Insurance Brokers' Regulatory Council. It is deliberately turning away from detailed prescriptive rules towards supervision based on high-level principles and standards of conduct.
The FSA will look to proprietors
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