Moore Stephens & Clyde & Co Set Up Insurance Intermediary Consultancy

Tuesday, February 10, 2004
Insurance accountant and consultant Moore Stephens has joined with international law firm Clyde & Co to provide specialist advice to intermediaries on all aspects of the authorization process and on continuing compliance with FSA requirements. The rigorous FSA regime comes into effect on January 15, 2005. Intermediaries have until July 14 this year to submit their completed registration packs to the FSA. The new rules are not voluntary. In order to avoid committing a criminal offence or going out of business, intermediaries who intend to carry on business after January 15 next year will have to be licensed by the FSA. John Harbor, head of the Moore Stephens Insurance Industry Group, says, "Most intermediaries will need to begin the registration process two-to-four months before the July 14 submission date in order to prepare the information needed to secure successful authorization. The burden of insurance regulation within the broking market will be significant. Yet many insurance intermediaries do not have the resources and skills to deliver what the FSA expects. "Much of what the FSA expects from the companies it regulates is nothing other than best practice and good business management. There is therefore an upside. Companies can take advantage of the regulatory regime and add value to their existing business organization, processes and systems. But the downside of not meeting the requirements is severe. "Successful enforcement action for breach of the regulations could result in directors and/or others being subject to unlimited fines, imprisonment for up to two years, and/or disqualification from acting as a director of a UK company." Intermediaries must be aware that there is no real alternative to FSA authorization. If they want to arrange the purchase of insurance policies, advise on insurance issues, deal as insurance agents, or assist in the administration and performance of insurance policies, FSA authorization is mandatory. Business as usual is not an option. By offering a flexible menu safeguards / planning, and legal issues, Moore Stephens and Clyde & Co believe they can guide intermediaries through what is certain to be a rigorous regulatory minefield.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Rosneft and NADL Sign Exchange of Assets Deal

Rosneft, Seadrill Limited and North Atlantic Drilling Limited (NADL) signed a Framework Agreement that envisages long-term cooperation in the sphere of oilfield development projects.

Norman Murray, Petrofac Chairman Quits

Petrofac, the international oil & gas facilities service provider, today announces that Norman Murray, who has been Chairman since May 2011, has resigned from

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

Marine Electronics

Servowatch to Showcase New AMC Range at SMM

Servowatch Systems, a U.K.-based business unit of the Electrical and Automation division of India’s engineering giant Larsen & Toubro, said its exhibition stand

Krill Supplies VFMMS to Island Tug and Barge

Krill Systems Inc., a producer of Vessel Fuel Measurement and Monitoring Systems (VFMMS), announced delivery, installation and successful sea trials of three more systems to Island Tug and Barge Ltd.

Harris Secures Certification for its Multi-channel Manpack Radio

Harris Corporation (NYSE:HRS) has received Type-1 National Security Agency (NSA) certification for its Falcon III® RF-340M multi-channel manpack radio. The certification

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2212 sec (5 req/sec)