PRINT PAGE

Compliance research project launched

04 March 2008 Breaking News

A research project that aims to assess insurance and mortgage intermediaries' compliance with regulation has been launched by compliance specialists Management Services 2000 (MS2M).

Eleven insurers and lenders are taking part in the project and they have selected a total of 130 brokers to fill out compliance questionnaires.

The survey, mysatcom.net, provides brokers with an analysis of how well they are complying with Financial Services Authority (FSA) regulation and produces an action plan highlighting the issues they need to address.

MS2M aims to provide the FSA with management information from the surveys at the end of March.

Julie Adlerson, director at MS2M, said: "The purpose of this research is to provide those taking part and the wider insurance and mortgage industry with an accurate snapshot of the current position with regard to compliance performance. Brokers taking part will get, courtesy of the lenders and insurers, a free company health check with gap analysis report and action plan."

The service is also available for intermediaries to buy, but these results will not be included in the survey.

Branko Bjelobaba, a compliance consultant who developed the general insurance content for the questionnaire, said: "Using the service is a way of showing the FSA what progress you have made in meeting Treating Customers Fairly principles."

The 11 insurers and lenders taking part in the survey are: Abbey, ABC Insurance (part of LV=), Assurant Solutions, Birmingham Midshires, Equity, Future Mortgages (part of Citigroup), GMAC RFC, Halifax HBOS, Highway Insurance, Newbury Building Society and Standard Life.

Health Insurance published a guide to Treating Customers Fairly in March, which can be found by clicking here.

If you would like to share your thoughts on this story or any other issue email news@hi-mag.com.