Site visits and contact with brokers by Norwich Union have revealed there are still many regulatory issues and concerns that could indicate non-compliance if scrutinised by the FSA.
Steve Edwards, Broker Development Executive at Norwich Union explains: "Our concern is primarily for small and medium sized brokers who have completed their own compliance requirements. Whilst on the surface they may seem to conform – all the boxes are ticked and authorisation has been granted – from working closely with brokers we are anxious that a visit from the FSA could reveal some problem areas.
"Currently high on the broker’s agenda is the requirement to collate material necessary by the ’Reporting Requirements’ part of regulation. If compiled inadequately this could highlight a number of issues and provoke investigation from the FSA.
"We are working in partnership with PricewaterhouseCoopers to provide support to brokers by helping them to understand where some of the gaps could be. We have developed a checklist that helps brokers identify areas within the requirements of regulation that need further attention and found that one of the most common queries relates to client money.
"The checklist is available to brokers at www.norwich-union.co.uk/ebroking along with further information, advice and FSA updates on topical issues such as unfair inducements and conflicts of interest. If further assistance is required, PricewaterhouseCoopers can also provide on-site assistance in this or any other area of concern."
Norwich Union is also providing:
- Master classes: covering topical areas such as reporting requirements. This first subject covered by PricewaterhouseCoopers can be seen on Broker TV at www.norwichunion.co.uk/e-broking
- Health checks: PricewaterhouseCooper will visit brokers to discuss an area of concern and offer advice.
- On-sire visit: PricewaterhouseCoopers will provide a mock FSA visit.
