Insurance: The new powers that be
Regulatory control over general insurance intermediaries has been transferred to the Financial Services Authority. Now is the time to get to grips with its requirements, write Chris Warren-Smith and Laura Cooke
There has been much discussion in recent months about the real impact of the recent transfer of general insurance intermediary regulation on 14 January this year from the General Insurance Standard Council (GSIC) to the Financial Services Authority (FSA). Not only did this day mark a new statute-based regulatory regime for general insurance intermediaries, but it means that, for the first time ever, the vast majority of the insurance industry – including, to a limited extent, Lloyd’s of London – is regulated by a single, politically accountable regulator.
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