The research, which was undertaken during the Autumn of 2003 (full results are given below) also reveals that 65% of brokers believe that regulation will be good for the industry, although 67% say the regulations are too confusing and 80% believe they will be expensive to implement.
Brokers also believe that regulation will result in greater pressure being placed on them (64%), but they do acknowledge that it will help reduce the number of cowboy operators (77% in agreement) and raise the professionalism of the industry (73%).
CETA Director, Adrian Waters, commented: “The results of our research show that the majority of brokers view regulation as a positive development, although they do see it resulting in greater pressure and costs. For the vast majority, becoming directly authorised is the most appealing option and they are clearly not put-off by either the application process or the compliance demands which will be put on their business.”
CETA has already announced it will be providing a comprehensive range of support services to brokers, regardless of whether they choose to become directly authorised, appointed representatives or leave the insurance industry altogether.
Brokers requiring further information about the regulatory support services on offer from CETA can either phone 0845 4583073 or visit its website at www.ceta.co.uk
