Auto Data Network Inc., a provider of software and real-time data to the automotive industry, announced that its U.K. subsidiary, IFAct Group Limited, has been awarded a contract by AXA to provide training and help develop their top UK brokers to comply with the new insurance regulations to be implemented by the U.K.’s Financial Services Authority (FSA).
As of January 2005 U.K. insurers will fall under the regulation of the FSA. Auto Data said that through the contract IFAct would help AXA “achieve compliance for their brokers by assisting them with the critical phase of implementing all their commitments to the Regulator. IFAct has also been briefed by AXA to help with some of the technical regulatory detail.”
Auto Data Chairman and CEO, Chris Glover, commented: “We are delighted that IFAct have been nominated to assist AXA Insurance with the huge task of ensuring that their brokers are compliant with insurance activity under the regulation of the FSA by January 2005”.
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