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FSA warns 4,500 firms have not applied for general insurance regulation

FSA today named the ‘hotspot’ sectors of firms selling insurance who have yet to apply for authorisation and warned them to do it now or risk losing business before regulation comes into force on January 14.

Whilst over 14,000 insurance firms have registered with the FSA to apply for authorisation, with less than five weeks before the start of the regime there are more than 4,500 that have still not applied.

Top three hotspot sector groups are motor dealers, removal firms and property managers. It is unclear how many firms that deal with protection and private medical insurance form part of the 4,500.

Sarah Wilson, Director FSA High Street Firms Division says: “Whilst some of the 4,500 firms, who have only registered, may have decided either to join a network or drop the insurance side to their business, we know some of these firms still plan to do business and are not ready. We also believe there are firms who haven’t even registered. These firms must understand the consequences of doing nothing.

“We want the industry to be ready by January 14 and as with mortgages, we’ll be doing everything we can to look at the applications and AR notifications we receive before January 14.”


Treasury review will see FSA handbook re-written

The Treasury review of the Financial Services and Markets Act 2000 will see a rewriting of the FSA handbook. The FSA will reduce the size of the handbook whilst retaining consumer safeguards. The regulator will also issue around ten tailored guides to the handbook in the next 12 months similar to the short guides already […]


Profit warning from CavanaghCavanagh Group has issued a profit warning, blaming the integration of Ernst & Young Financial Management and higher than expected trading costs. It says it expects to go into profit in the first half of 2005 rather than its previous forecast of December 2004.

Pension Scrooges

Bah humbug! Britain’s pension managers are a miserable bunch denouncing Christmas parties as too boring, too forced and too lengthy. According to the Chartered Manage-ment Institute, only 21 per cent of pension managers think they are a good thing, with 45 per cent saying they go on too long and 37 per cent claiming that […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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