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Conflicts of interest – often a tricky issue. Particularly so when trying to navigate the complex relationships between customers, brokers and insurers, where separate regulatory and common law duties apply. Potentially headache-inducing, even. The FCA’s head of General Insurance and Protection, Simon Green, has signalled that there might be scope for a new remedy ahead.
FCA focus on the intermediary market could eventually result in greater clarity for advisers and their clients, but may impact intermediary market activity in the short term while things are under review .
The underlying question is what does the future of insurance broking look like? Simon Green’s message to an industry audience was that ensuring insurance broking is supported by good regulation, and guaranteeing client confidence in the insurance market, must be in everyone’s interests.
What was the focus of the speech by Simon Green?
There were three strands to Mr Green’s message:
Why do the FCA consider that there are trust issues in the insurance intermediary sector?
While insurance broking has not been specifically exposed to the numerous scandals that has beset the financial services sector in recent times (eg payment protection insurance an
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