Essential element?
Gary Meggitt and Neiha Modessa explain why the FOS is set to play a major part in the smooth running of the insurance industry, in the wake of post-N2 regulation.
Insurance brokers may be forgiven for overlooking the FinancialOmbudsman Service's coming of age on N2, 1 December 2001, when the
Financial Services and Markets Act 2000 came into force. Brokers have been
preoccupied with the protracted squabbles over the fate of the General
Insurance Standards Council and then with the Treasury's announcement that
the Financial Services Authority is to supplant the GISC as the sole
regulator for general insurance sales.
Brokers might argue the FOS is just the
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