Figuring out compliance.
The cost of compliance is still causing concern for brokers and insurers but many of the expected rules are best business practice. Changes should be seen as an investment rather than an expense, says John Derry-Collins.
Many brokers have a negative approach to compliance, seeing it as anexpensive imposition. But if brokers think of it as a best practice
facilitation department, compliance can be approached as a practical
business model.
In fact brokers have little choice in the matter and when regulation by
the Financial Services Authority kicks in they will only be able to trade
if they are compliant. The exact date by which brokers must get in line is
not yet known but the third quarter of 2004 at the latest
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