Norwich Union, working with PWC, has provided an online checklist to enable brokers to assess whether they are fully compliant with the FSA, helping to prevent them falling foul of visits from the FSA.
Norwich Union, working with PWC, has provided an online checklist to enable brokers to assess whether they are fully compliant with the FSA, helping to prevent them falling foul of visits from the FSA.
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-site visit: PricewaterhouseCoopers will provide a mock FSA visit.
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For further information, please contact:
Clare Schofield at Staniforth on 0161 274 0100 or David Ross at Norwich Union on 01603 682730/07800 699665.
Notes to editors
About Norwich Union Insurance
- Norwich Union is the UK's largest insurer with a market share of around 13 per cent
- With a focus on insurance for individuals and small businesses, Norwich Union insures:
- One in five households
- One in seven motor vehicles
- More than 800,000 businesses
- Norwich Union products are available through a variety of distribution channels including brokers, corporate partners such as banks and building societies and Norwich Union Direct.
- Aviva, Norwich Union’s parent company, recently announced its acquisition of the RAC. The acquisition brings together the RAC's powerful brand and customer base with the expertise and leading position in motor insurance of Norwich Union Insurance.
- Norwich Union's news releases and a selection of images are available on the Aviva internet press centre at www.aviva.com/media.
- An ISDN facility is available for studio quality broadcast. Call the press office on 01603 682264