What's in store for 2004?
The defining feature of 2004 for the insurance industry will be Financial Services Authority regulation, but brokers also face consolidation, a hard market and capital erosion. Nicolle Farthing gives a guide to the road ahead
As 2003 draws to a close, brokers are looking to the future. Unsurprisingly, regulation by the Financial Services Authority represents the biggest roadblock.Regulation will not take effect until 14 January 2005, but brokers can already start to prepare. Brokers have access to (near) final rules, following the lengthy consultation process, and can now register to apply for authorisation.
Andrew Paddick, director general of the Institute of Insurance Brokers, says regulation will bring enormous
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