Finance News: Broker regulations could leave groups without insurance

Charities may find themselves without insurance brokers when new regulations come into force next year.

Voluntary bodies have been warned that their current broker or adviser might not be authorised to deal with their insurance after 14 January, when all general insurance will be regulated by the Financial Services Authority.

If brokers and advisers do not comply with FSA regulations by then, they will not be able to place cover with insurers. This could leave charities without insurance and with no back-up for the remaining term of their business insurance, or having to pay extra fees to an authorised broker or adviser.

Carl Woodroffe, compliance and technical director for insurance broking group MCIS, said charities should confirm with their insurance agents that they are authorised to work after the New Year.

"A charity's resources do not usually extend to employing an in-house insurance manager," he said.

See Feature, p19.

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