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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1605 sec (6 req/sec)