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Pitfalls for small insurance brokers in FSA authorisation

Small insurance brokers need to be careful when completing their applications to become authorised by the FSA as the compliance burden is more onerous than it first appears, says insurance law firm Reynolds Porter Chamberlain.

According to RPC, although the new high street firms application pack is “relatively straightforward” to complete for small firms with annual income less than £1m, it does not reveal the true continuing burden of compliance.

RPC financial services team solicitor Harriet Quiney says: “Completing the application should be the final stage of the compliance process, not the beginning. Brokers should already be starting to take the necessary steps now if they are to fulfil the compliance obligations by January 2005 but the simple format of the form could lead unsuspecting small brokers into the false belief that nothing further is required of them.”

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