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FSA eases 1m burden

The FSA is proposing measures to simplify the approved person regime, which it hopes will save firms around £1m a year.

It is consulting on merging the customer functions in the regime which it says will lessen the burden of paperwork on firms in the wholesale and retail markets.
Managing director of regulatory services David Kenmir says the move is part of the FSA’s commitment to remove regulations where costs outweigh the benefits and he predicts £1m annual savings for firms.

For retail markets, the FSA has previously discussed three options – no change, removing some or all customer functions or simplifying the functions – with 80 per cent of respondents favouring simplification.
The consultation paper also sets out changes to the approved person regime that can be expected from Mifid, with most changes expected to supersede current requirements rather than impose new ones.

Kenmir says: “Through our handbook review programme, the FSA is removing regulations whose costs outweigh the benefits they bring.”


Administrators in at SRB

Special Risks Bureau has gone into administration following its acquisition by Risk Placement Services. RPS bought the niche insurance brokerage for an undisclosed sum last month in a deal that saw it take on SRB’s assets but not liabilities. RPS deputy managing director Geoff Tresman says it will honour any claims going through but any […]

Bright Grey knocks timing of LivVic’s Red Arc services

Bright Grey has hit out at Liverpool Victoria for only offering Red Arc’s care services on its critical-illness policies after a claim has been paid. Red Arc offers counselling and personal nurses to Bright Grey policyholders at point of claim but Liverpool Victoria, which introduced the service to new and existing CI policyholders last week, […]

Packagers give thumbs-up to instant offers

GMAC claims its point of sale system is proving popular with packagers. It says the technology means packagers can save time and resources by providing offers for brokers in a few minutes. GMAC says about 60 per cent of applications will receive instant offers, and this will increase over time.Packager Enterprise Groups Michael Clapper says: […]

Rights and wrongs

I am 56 years old and I need to get hold of some cash quickly to help my daughter out of a spot of financial difficulty. I would prefer not to borrow money. I have a small pension plan made up of protected-rights funds and I understand that I might be able to get some cash that way. Does it make sense to do so?


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