Cole to leave FSAThe FSA's managingdirector and boardmember Margaret Coleis to leave theorganisation later thisyear. Whatever you thinkabout heavy-handedregulation, her sevenyears at the UK regulatorcertainly made a forcefulstart in cleaning out thestables. Some - it has tobe said - in the insurance industry's own backyard. Margaret Cole and the FSA succeeded where self-regulation failed, and the methods used were interesting.She used the powers granted to the FSA to makeexamples of the some of the most prominent among theworst offenders. Not by waiting for criminal activity to beproven or otherwise, but by fining firms, and banningindividuals. In fact, reading the various indictments oftenleft the unanswered question hovering in the air, "Yes, yes.A fine and a ban are all very well. But what are the policedoing about it?" Margaret Cole points out however that the FSA nevershied away from pursuing criminal prosecutions. "I joinedthe FSA to help in the fight against wrongdoing within thefinancial services industry, and we have shown that theFSA is not afraid to take on difficult cases. It's painstakingwork and the legal process takes a long time, but thereare people sitting in prison now because of ourcommitment. And the next 12 months will see more trialsand more convictions as the pipeline of our cases comesto fruition in the courts."It's been a challenging but rewarding few years and Ibelieve, with the help of a team of quality people, I havecreated a successful enforcement platform to take intothe UK's new regulatory authorities. The time has comefor me to seek a fresh challenge, knowing that I leave thecontinuation of a winning strategy in safe hands."I can already hear the voices out there. "Yes, fineand ban where wrongdoing occurs. But please,please, please... let the rest of us trade withoutstrangling us in all that red tape"MargaretColeleavesFSAMargaret ColeMargaret Cole, a solicitor with over 20 years' experiencein private practice, has an MA in Law from New Hall,Cambridge. Her specialisation is in commercial litigationwith an emphasis on financial services. She is alsoqualified as a Mediator with CEDR and the ADR Group. From 1990-95 she was a Partner with StephensonHarwood, with responsibility for Maxwell pension fundrecovery actions on behalf of the Pension FundsTrustee. In 1995 she joined the London office ofinternational law firm White & Case to found and headits dispute resolution department. Joining the FSA as director of enforcement in July 2005,she later took on responsibility for the FSA's financialcrime and intelligence division. She is also a non-executive director of the National Skills Academy forFinancial Services.MargaretColeTim Dolan, head of PinsentMasons financial servicesregulatory team and formerlywith the FSA EnforcementDivision writes:Margaret Cole'sdeparture is nosurprise given theappointment lastyear of Martin Wheatley to theFSA as the CEO designate ofthe Financial Conduct Authority.Prior to Margaret Cole joining the FSA, it was rare for criminalactions on insider dealing to be brought by the regulator.Instead, the FSA had a preference for obtaining civil finesfrom firms which were not seen as a deterrent against insiderdealing. Margaret Cole has been instrumental in encouraging FSAEnforcement staff to take a tougher approach. In particular,she has encouraged, where at all possible, pursuing criminalactions against individuals when investigating insider dealing.The FSA has secured 11 prosecutions during her tenure asHead of FSA Enforcement.It will be interesting to see whether the FSA manages to retainother senior staff during the course of 2012,as the break-up of the FSA and theestablishment of the new regulators takesplace.""Tim Dolanin association withMARCH 2012 insurancepeople11

In conversation with the Editor, Derek Findlayson is full of energy when it comes totalking about solving brokers' challenges, and is very upbeat about the future for thebroker channelwill become the most valuable rangeof business support services in theUK market.AN:But can you be certain thatthese kinds of additional services arereally what brokers want?DF:Everything we do is the resultof feedback from members. Brokersknow what their issues are, but don'talways have the time to devote toimproving their business becausethey're too busy just keeping up.We've responded by enhancing ourmembership package to includeservices targeted at some of theseessential needs. For example, justthink how much time and moneybrokers can save by reducing theircompliance burden, then using thosesavings to widen the range ofproducts and services they sell. That'sthe kind of practical help and supportthey need.AN:Keychoice launched its one-stop shop proposition last year - whatwas the aim behind that? DF:The aim was simple - valueand convenience. Developing a rangeof good value innovative core, nicheand add-on products and servicesand offering them all from one place.We want to offer the mostcomprehensive range of insuranceproducts and services out there, andallow our brokers to access them allquickly and easily, because that's thebest way to save them time andmoney.AN:But has the one-stop shopconcept actually deliveredmeasurable results for brokers?DF:Absolutely. Our analysisshows that, on average, Keychoicebrokers using our range of productsDerekFindlaysonCOMMERCIAL DIRECTORKEYCHOICEinterviewAN:It's not all plain sailing for thebroker channel, is it? What do youbelieve is missing?DF:I believe that brokers need tothink more creatively if they are tocontinue to thrive. At the presentmoment, too many brokers simply donot have the time to think aboutstrategy or marketing opportunitiesbecause of the day-to-day demandsof running their businesses.Brokers everywhere tell us thattheir major challenges are retaining acompetitive edge, dealing withcompliance, and maintaining orgrowing their business against anincreasingly tough economicbackground. They want helpattracting more customers, andgetting more value from their existingones.AN:Is that why Keychoice hasrevamped its membership package?DF:Yes. Members needcomplimentary access to a range ofcore services, including compliancesupport, online marketing training,business support, and risk evaluationservices. We've also included abusiness interruption calculatordesigned to help ensure thatcommercial clients are neverunderinsured, and free credits to useon secure electronic documentdelivery.AN:This sounds like quite aninvestment for Keychoice to make? DF:The combined package hasa retail value of over £3,000 so this isa strong investment in the futurebusiness health of our members. Wedon't see this as a one-off. It's all partof our continuing investment in ourone-stop shop offering to supportbrokers with what we are confidentand services are growing 15% morethan other brokers. We think there'sreal value in our one-stop shop, andfrom the feedback we've had, ourmembers agree.AN:Looking ahead, do you thinkthere are more opportunities out therefor brokers to exploit?DF:Despite the challenges in themarket right now, the best brokers arestill able to get the best coverage fortheir customers. It's all aboutdifferentiation - brokers using theirknowledge, expertise andrelationships to give customerssomething they can't get just by goingonline and getting the cheapest price. KeychoicetakestotheroadAs part of its strategy of listeningand responding to its members'needs, Keychoice will be takingto the road on a special exhibitionbus throughout March 2012 topromote its full range of one-stopshop products and services, anddemonstrating how they can helpbrokers to grow their business.The dates are:-?March 12 - Warrington?March 13 - Wakefield?March 15 - Nottingham ?March 16 - West Bromwich?March 19 - Bristol?March 20 - Southampton?March 22 - Bracknell?March 23 - Waltham AbbeyFor details, visitwww.keychoice.com12 insurancepeopleMARCH 2012