FSA highlights brokers' 'positive' approach to regulation
Many insurance brokers are adapting well to the introduction of statutory regulation, the British Insurance Brokers’ Association's (Biba) Scotland conference has been told. Andrew Honey, the Financial Services Authority’s (FSA) head of insurance, small firms division, told conference delegates that the FSA had seen many examples of good practice amongst brokers, but also warned that teething problems still remain.
He acknowledged firms were keen to learn and raise standards and reminded them that a system like electronic reporting goes to the heart of the FSA supervision strategy for small firms.
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