Feeling the pinch
It is forecast that, in 2005, compliance will remain top of the agenda as brokers adapt to the new Financial Services Authority regulatory regime and the resulting squeeze in profits. Nicolle Farthing reports on some of the other predictions for the year ahead
The introduction of regulation of general insurance mediation from 14 January 2005 went smoothly, according to the Financial Services Authority, which has taken responsibility for regulating around 40,000 firms.
The total number of directly authorised firms able to conduct general insurance business is 18,130 - with 13,291 new authorisations and 4839 variations of permission. In addition, authorised firms had about 22,000 appointed representatives.
Applications from more than 900 firms are still
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