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The impact of FSA Regulation on BrokersPublished by: Datamonitor Published: Jan. 7, 2004 - 35 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 6 Catalyst 6 Methodology 6 CHAPTER 2 CONTEXT 8 Introduction 8 Background to the FSA 8 The timetable for regulation 10 The decision facing brokers 11 Which route to compliance? 11 Brokers’ concerns 13 Brokers are well on their way to meeting the deadline 15 CHAPTER 3 THE POSSIBLE EFFECTS OF REGULATION 16 Introduction 16 The market structure will alter 16 The number of brokers will decline 16 The role networks have to play in the insurance broker market is expected to change 19 Training and auditing will change 21 Technology will become increasingly important for brokers 23 CHAPTER 4 CONCLUSIONS 25 Introduction 25 Datamonitor believes that consolidation will take place but not to the degree some have suggested 25 Datamonitor predicts that while networks will not become as prolific as in the life and pensions market, the role they have to play will increase 27 Business will come back into the market due to alternative types of intermediaries deciding not to apply for accreditation 27 Datamonitor also expects that business will move around the market as brokers rationalize their books 28 Brokers’ cost base will increase due to regulation 28 In conclusion, Datamonitor believes that the market will undergo significant change. Brokers should look to seize the opportunities arising from this change 28 CHAPTER 5 APPENDIX 30 Research methodology 30 Datamonitor’s Broker Survey methodology 30 Broker survey data tables 31 Current publications 32 Do you need more information? 32 Datamonitor Financial Services Consulting 32 SPP writing team 34 How to contact experts in your industry 35 AbstractIntroductionA report outlining the likely impact of FSA regulation on the broker channel when it comes into force. A forward looking thought piece on the likely fall out and the future shape of the broker market within the UK. Scope In-depth interviews conducted with a wide range of industry executives to understand how they feel FSA regulation will affect brokers Draws on the results of Datamonitor's Broker Survey Utilizes Datamonitor's internal expertise as market experts to predict they likely impact regulation will have on brokers Report Highlights The appointed representative route to regulation is unpopular among the broker community. This is due to both a lack of principals available and brokers' desire to remain independent. The concerns facing brokers regarding regulation, vary depending on the size of the broker. Smaller firms tend to be worried about survival compared with larger brokers. The results of Datamonitor's Broker Survey indicate that the majority of brokers expect to meet the deadline for compliance. The personal brokers surveyed are slightly ahead of their commercial counterparts, with 62.5 per cent saying that they would definitely meet the deadline, compared with 50.0 per cent on the commercial side. Reasons to Purchase Understand the background to FSA regulation Gain insight into the possible effects regulation may have on the broker market Learn from Datamonitor's conclusions on how the broker market will change post-FSA regulation Get Full Details About This Report >> |
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