A positive view of regulation

Much has been written about the forthcoming Financial Services Authority regulations, but very little about the positive benefits to business that come about by embracing the new rules. I wonder if there are many other brokers that share my view.

Regulation is here and, apart from the ongoing industry dialogue with the FSA, there is no point in fighting it.

We embraced the situation from the start. As a small business, we have been working with a competent consultant in drawing up a structured plan that meets the needs of the regulatory requirements. I was delighted that much of the work was merely recording working practices already adopted, but there was still much to do. We applied for FSA authorisation in March and received our minded-to-authorise letter in May. Since then, we have been working to plan and are currently finalising our training and competence programme.

This work has not only brought about disciplines that may have been lacking in our business, but has given us the confidence to demonstrate our abilities, not only to the regulators but to potential and existing clients as well as our product providers.

Embracing the FSA regulations has made us stronger and more confident using a structured and planned approach to the future. I see a positive approach as a professional approach and we all wish the industry to be seen as professional.

Tom Noyce

Noyce Insurance Solutions.