AROUND 80% of general insurance brokers have failed to apply for direct authorisation by the Financial Services Authority and could face a 100% increase in application fees as a result of their late entry, according to this morning's Daily Telegraph.
General insurance brokers must apply for authorisation by May 31 to qualify for lower fees and by July 13 at the latest or any unregistered brokers still trading will be prosecuted. However, many vets and dentists are unaware that they qualify as "brokers" under the new FSA when they recommend insurance to clients, adds the Telegraph. LEGAL & GENERAL is still in a strong financial position and holds more than 4.7 times the minimum capital required by the Financial Services Authority to cover its liabilities, according to this morning’s Scotsman newspaper. Under the new realistic re...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
