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Brokers struggle with regulation

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Insurance Business | 14 May 2012, 12:05 AM Agree 0
EXCLUSIVE: Smaller insurance brokers find it difficult to manage the industry’s compliance demands, according to a leading Australian lawyer. But what is the solution?
  • Paul Murphy | 14 May 2012, 12:39 PM Agree 0
    If what Ms Box says is true in relation to insurance brokers it is surely time for root and branch review of the Corporations Act and at the least a carve out of the catch all provisions for insurance brokers. FSR has failed to improve anything for SME clients and made compliance an industry in its own right. Insurance Broking received scant attention at the outset and insurance brokers continue to be roped into insane regulatory provisions designed to control rogues in the wider financial services sector. Insurance broking for SME clients is relatively simple. Know you client, assess the risks and provide appropriate , affordable insurance and risk mitigation solutions.Having seen some of the "manuscript" rubbish from the majors dished up as advice to SME clients I can only say most of the current focus on compliance is form over substance. It really is time to revist the FSR legislation and regulation in light of client benefit not the current Byzantium overlay of stupifying regulation.
  • Gary McNeil - Action Ins Brokers | 14 May 2012, 01:55 PM Agree 0
    The best, & most common-sense, points I have read in years Paul. All I (& most of our other associates) can say is "here here". We do NOT wish to be lazy & avoid our obligations. Just to be fair, honest & efficient.
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