The introduction of principles-based regulation has resulted in more open relationships between intermediaries and customers. Mike Izzard explains the effect on AMII membership firms
Recent regulation from the FSA has changed the way intermediaries have had to do business and how they now interface with their customers compared with the period before the introduction of principles-based regulation nearly five years ago. Overall, the Association of Medical Insurance Intermediaries' (AMII) position on the introduction of FSA regulation is that it was a positive initiative, long overdue, but the result has been a little like over-egging a pudding. The phrase that has often been used to describe its effects on members' firms has been 'from the sublime to the ridiculous'. ...
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