What do regulatory changes mean for brokers?

[Martin Friel]

Steve White, Biba's head of compliance and training gives some straightforward advice as to what George Osborne's plans for the FSA mean for regulation and general insurance brokers in particular.

It's really rather good - watch it here.

[FullyComp]

Thanks.

But I have to ask why more acronyms? Sure this will only confuse the consumer further. I agree with having different departments that can concentrate on different sectors of financial services but wouldn't it be better to simply have those departments under one umbrella?

[Allan Gambles]

Yes it is good. Martin being camera shy for a change?

Two questions.

1. Is it the CPM Agency or Authority?

2. Will it report to the BoE?

I read in one of the Sunday papers that there will be 3 main players - BoE, CPMA and another agency dealing with financial crime and there might be a risk of "falling between the cracks". The example given was that the CPMA might identify misconduct but the other agency mentioned might not think it worth prosecuting.