20 February 2019

News

Our response to FCA Wholesale Insurance Brokers Market study report

The Financial Conduct Authority (FCA)  published the final report of its Wholesale Insurance Brokers market study.

Our response to FCA Wholesale Insurance Brokers Market study report

The study was launched in November 2017 to assess how competition was working in the sector.

Overall, the FCA has not found evidence of significant levels of harm that merit the introduction of intrusive remedies.

Flora Hamilton, CBI Director of Financial Services said:

“We welcome the Financial Conduct Authority’s (FCA) finding no evidence that insurance brokers harm customers and that there is no need for intrusive remedies.

“Clients value the range of complex services provided by the London Insurance Market, the world leader for placing and underwriting large-scale, complex commercial and specialty risk.  

“It’s key we have smarter, fit-for purpose regulation that puts customers first. At this critical time for UK financial services, the FCA’s decision is a step in the right direction.”