Moore Stephens: Brokers Must be Ready

Wednesday, February 26, 2003
Accountant and consultant Moore Stephens has warned that U.K. insurance intermediaries will have to ensure that they are well positioned to take their place in the new regulatory regime currently being formulated by the Financial Services Authority (FSA). A new FSA regulatory regime governing general insurance intermediaries will come into force in October 2004. There are still a number of unresolved questions involving the nature and extent of the new regulations, but the answers are expected to emerge over the coming months. What does seem certain, even now, is that the new regime will be much tougher than anything which went before it. The FSA has developed proposals under seven main headings - firm status disclosure, standards for advising and selling, standards for training and competence, product information measures, measures to ensure fair treatment of customers, standards for claims handling, and complaints. Writing in the latest edition of the Moore Stephens insured interest newsletter, partner Michael Butler says, "It seems that the FSA intends to exceed the minimum regulatory requirements mandated throughout the European Union under the Insurance Mediation Directive, which covers the activities of intermediaries and which will be implemented in the UK by the new FSA regime. So brokers and intermediaries have no time to lose in making sure that they understand the requirements that will be placed upon them, and that they are well-prepared to meet the FSA's demands. "The new FSA regime will impose on insurance intermediaries a much more onerous burden of regulatory compliance and risk management preparedness. For many, this will mean a complete change in the way they approach and conduct their business. The time to act is now. Those who hesitate may be lost to the industry for ever."
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Subsea Achieves API 17L1 Certification for Bend Stiffener Connectors

Connector technology developer First Subsea has received APL 17LI certification for its bend stiffener connectors from the American Petroleum Institute, the company announced today.

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Bestobell Bags Hat Trick Order in China

Bestobell Marine, part of the President Engineering Group, has received its third order in the past 12 months from Hudong Zhonghua shipyard in China. The deal

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.3234 sec (3 req/sec)