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News - Composites get solo FSA check-ups.
(From Post Magazine)
Byline: Guy Anker.
Composite intermediaries will be spared a series of arduous compliance inspections, as they can expect a single check-up for all regulated activities.
The Financial Services Authority's Arrow visits, which monitor corporate governance, will combine, where appropriate: general insurance, life and pensions and independent financial adviser monitoring.
This means brokers such as Oval and Alexander Forbes - which both conduct a range of regulated business - will have less of a compliance burden than first thought.
An FSA spokesman said: "We are looking at some of the bigger entities on a group basis. If you are a general insurance broker with a life and pensions arm, we will review the company in its entirety - it is an efficient way to ensure compliance."
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