Leader - Goodwill counting.

(From Post Magazine)

Byline: Jonathan Swift.

With the clock ticking down to the end of a grace period for brokers using goodwill, it appears that concerns are starting to be voiced regarding whether a significant number of brokers will be able to get fit for purpose by 14 January 2008 (see page 1).

It could be argued that this date has been on the calendar for years and brokers knew it was coming, so why has the issue suddenly become such a talking point?

Have some brokers had their heads buried in the sand, hoping it would go away? Did they think, 'well, I am going to sell up anyway, so it won't impact me?' or did they hope that the Financial Services Authority would have a change of heart for once in its existence?

Broking commentator Tony Cornell argues eloquently in his letter this week that the FSA's stance is unfair and that it goes against its oft quoted mantra of 'treating customers fairly' (see page 14).

He also expresses the opinion that broking trade bodies such as The British Insurance Brokers' Association and Institute of Insurance Brokers have been too quiet on this topic and that they have an important educational and campaigning role to play in order to help avert a potential 'crisis'. Amid all this doom and gloom, some may argue that the broking market seems to be in some sort of 'crisis' week-in and week-out, but always seems to manage to show its resilience, and pull through.