Consultant Huntswood is quoting FSA figures showing 30% of firms registered for general insurance regulation had not applied for authorisation as of 22 November, as part of its research into the new general insurance regime starting this weekend.
Added to this are fears tens of thousands of businesses such as doctors surgeries, veterinarian practices and dental clinics could be caught out by rules governing advice on, and sales of, general insurance because they simply are not able to determine whether they are covered by the rules. For example, confusion rules discussions over at what point exactly such businesses start to “sell” insurance or give “advice”, given the presence of leaflets in waiting rooms advertising, say, pet insurance. Other businesses such as travel agents or high street electronics stores are covered by op...
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