What is the meaning of N3/N4?
Brokers nervous of Financial Services Authority regulation should voice their opinions - no one wants an unworkable system.
Most brokers will be aware of what is due to happen in October2004.
Some refer to this date as N4, others as N3 since the Financial Services
Authority seems to have forgotten it attributed N3 to the credit unions
when they came under regulation last year.
What does N3 mean in theory and in practice? In theory it means that
arranging or advising on general insurance will become a criminal offence,
unless the FSA has conferred authorisation on the intermediary.
It would be a mistake to blame the FSA
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