Insurance firms unlikely to be ready for regs - survey

Research conducted by data servicing company docucorp reveals almost all – 96% - of 200 senior managers at insurance-related firms believe many firms will fail to implement compliant procedures by the time new FSA rules are enforceable on Saturday 15th January. According to the study, 92% if those questioned believe the FSA has underestimated the actual cost of implementing the EU-wide Insurance Mediation Directive – requiring all insurance intermediaries be regulated – while it is also assumed many firms are trying to handle compliance without putting sufficient checks and procedures i...