Exemption Rules extended to Mortgage and General Insurance Brokers
Written by JDPGlobal | Tuesday, 20 September 2005
The exemption rules for medium and small sized companies have been extended to general insurance brokers and mortgages.
Three new regulation sets introduced by DTI provides the extended option of preparing and distributing financial summary statements from the listed company to companies whose accounts have been audited. It also ensures the usage of summary financial statements to all companies following the International Financial Reporting Standards.
Though the regulations do not extend to IFA’s, they are useful for certain categories of small companies. Steps have been taken to exempt mortgage and insurance brokers from statutory audit.
The Financial Services Authority (FSA) said that it had talked to the Govt about removing the enforcement so that small firms don't have to audit their accounts according to the stipulations of general insurance and mortgage industries.
FSA also made it clear that they didn’t reckon the requirements of the audit to stand after a rise in the figures of companies that it monitors. FSA also stated that it would try to reduce the load and cost regulations on small companies.
