Biba irons out interim confusion
The British Insurance Brokers' Association has become aware of some uncertainty among intermediaries...
The British Insurance Brokers' Association has become aware of some uncertainty among intermediaries regarding the detail on the Financial Service Authority's recent announcement on interim authorisation. I would, therefore, like to take this opportunity to provide clarity to them.
The decision announced by the FSA grants interim authorisation to firms whose applications for authorisation were received on or before 13 January 2005. Interim authorisation allows a firm to continue to engage in insurance mediation activities while the FSA considers the application. Firms granted interim authorisation are subject to the full FSA Handbook of Rules and Guidance, apart from the Financial Services Compensation Scheme. Additionally, a firm with interim authorisation must disclose its status to a customer and point out the non-availability of the FSCS.
Members are advised that HM Treasury's decision to grant interim authorisation does not in any way alter the timetable for implementation of the FSA's rules.
If you have any questions on this or any other aspect of the forthcoming regulation, please do not hesitate to contact Biba.
Steve White
Regulation and compliance manager, Biba.
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