Law firm Reynolds Porter Chamberlain says protection intermediaries must tread carefully in approaching their applications for FSA authorisation in the coming months, as mistakes in the application process could lead to regulatory action against them after 14 January next year.
A regulated general insurance regime comes into force in exactly a year fromnow, and will see the FSA handed full regulatory powers over currently unregulatedsector of the retail financial services industry. Punishments handed down to already regulated firms, including directly regulated individuals, ARs and principles, suggests the FSA will not take kindly to statements it feels are deliberate attempts to mislead, says RPC insurance lawyer Jonathan Davies. For example, insurance intermediaries could be caught out by something as simple as the fact questions on the application form f...
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