Brokers beware - regulation and compliance are not all they seem

Like most professional insurance brokers, I want to be sure that my company is fully compliant with all the rules and regulations.

Maybe I was naive, but I have found that compliance is not as simple as I first thought although, if you are operating an honest and professional company, then most of the procedures are already in place but in a different format.

From a time perceptive I decided to employ a company to help and assist me to ensure that A Manning UK is fully compliant. I searched the internet and found a firm of consultants who - in their own words - were experts in regulatory matters. I spoke to a previous client for a reference. After negotiation of the fee - naturally, we are brokers after all - I arranged an appointment.

At the first meeting it was abundantly clear that this company knew less about the regulation of general insurance brokers as the average man in the street. Then followed documents by e-mail for me to use as models, with another client's name on them. The company then disappeared for four months with no further contact.

I am pleased to say we have now employed a professional company, recommended by Zurich, and I look forward with confidence to the knowledge that we will be fully Financial Services Authority compliant.

So, brokers beware if you employ a company to help with compliance. Do not be fooled like I was!

Ann Manning, Managing director, A Manning UK

- To air your views and comments, please write to the editor, Richard Adams, at: Professional Broking, Haymarket House, 28-29 Haymarket, London SW1Y 4RX or email: richard.adams@incisivemedia.com.