Following the lead?
The Financial Services Authority looks likely to play a similar tune to the General Insurance Standards Council, so prudent brokers will get into step now, says Catherine Nicoll.
According to the Treasury, the general insurance industry has twoyears to prepare for statutory regulation under the Financial Services
Authority. The message from the General Insurance Standards Council is to
use this time wisely by taking action now.
What action can be taken with confidence? Industry practitioners are
hungry for any morsels from the FSA but given its statutory duty to
consult, it will be some time before more flesh is added to the bones.
We know only the bare facts. Firstly, the
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