On the road to recovery
Q. Our business has undergone a recent compliance 'health check', which has flagged several areas in which we need to make some changes or improvements to our regulatory practices, which we are addressing. What view might the FSA take if it visited us today?
You have partly answered the question yourself, with the words 'which we are addressing'. The Financial Services Authority is on record as saying that it has no desire to use enforcement other than in cases where there is evidence of either fraud or wilful non-compliance.
Almost 12 months into the regulated environment for general insurance firms, an independent view of where you are now can be a very useful management tool.
You have had a health check, which has given you an up-to-date picture
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