The following Insurance & Reinsurance guidance note Produced in partnership with Marcus Bonnell, Counsel and Dil-veer Kang, Trainee Solicitor of RPC provides comprehensive and up to date legal information covering:
The Financial Conduct Authority (FCA) launched a market study (MS 17/2) into the wholesale insurance market on 8 November 2017.
The wholesale insurance broker sector was last examined in detail around ten years previously (by the FCA’s predecessor, the Financial Services Authority) and since then there have been significant changes. The number of insurance products and services has increased in recent years and many stakeholders have raised concerns about how this could give rise to a range of competition issues. The FCA plans to explore how competition is currently working and whether it could work better. The FCA believes that effective competition contributes to ensuring London remains an international centre for insurance.
At the launch of (MS 17/2), Christopher Woolard, FCA Executive Director of Strategy and Competition, said:
'Given the size of the wholesale insurance sector and the type of large scale risks it covers, the way it functions can have a wide-ranging impact on the broader economy. If businesses cannot get appropriate cover or pay more for services than they should, it can impact on their ability to operate and grow. Brokers play an important part in the wholesale insurance sector ensuring clients get appropriate coverage at good value. However, following significant changes in the sector, we are looking at the dynamics to ensure competition
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