What are FSA rules about binding authorities?
Q: We are a commercial brokerage operating a binding authority on behalf of an insurer. It is profitable but what should I do about Financial Services Authority regulation?
You will need to closely monitor developments as the FinancialServices Authority begins to formulate its rules.
Presently, the indication is that a firm will be unable to be both an
appointed representative and an independent intermediary. You may need to
consider an alternative, such as setting up a separate company.
The FSA is aware of this issue and it is vital you keep a close eye on its
response.
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