Are solicitor firms complying with insurance regulation?

14 January 2005 represented an important date for many law firms up and down the country, but do they know it and why? Philip Ryley, solicitor and John Virgo, barrister set the scene and question how prepared the profession has been for the regulation of general insurance mediation activities.

The Financial Services and Markets Act 2000 (FSMA) made the Financial Services Authority (FSA) the single statutory regulator of financial services business. Under the Act, firms carrying on regulated activities as defined by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) need to be regulated by the FSA or else be exempt.