Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
In April this year, a shock FCA report revealed incompetence and unjustifiable remuneration in the buildings insurance market.
The watchdog announced an action plan for the insurance industry, including a near ban on paying commissions to third parties and full disclosure on how much commission they receive from carriers for buildings insurance.
Michael Sicsic, speaking at Insurance Age’s Broker Breakfast event in Manchester on 13 September, said the FCA is now looking more broadly at the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Biba Conference 2024 countdown: SSP Broker’s Martyn Matthews
With the Biba Conference just weeks away, Martyn Mathews, managing director of SSP Broker, quotes psychologist Carl Jung and recollects getting his kids foam swords and shields.
Bartlett grows turnover in 2023 as profits remain stable
Bartlett Group increased annual turnover in 2023 to £17.87m from £16.08m amid stable profits of £1.79m, according to its latest Companies House filing.
Gallagher maintains organic growth in Q1
Gallagher has posted 6% organic growth in its UK and Ireland retail division for the first quarter of 2024.
Aon completes NFP deal
Aon has completed the $13bn (£10.4bn) acquisition of NFP.
The growing role for brokers in fighting insurance fraud
With reports of fraud escalating in terms of value or number, the role of brokers in combatting these crimes should not be underestimated. Edward Murray looks at the controls, validation tools and processes being implemented to support both detection and prevention.
Dual to open two UK offices as McGinn’s regional push gathers pace
Howden-owned managing general agent Dual will be opening two offices in the UK within a year, aiming for 12 to 15 staff in each to build its regional broker business, Insurance Age can reveal.
UK commercial insurance rates fell 2% in Q1 - Marsh
UK commercial insurance rates fell by 2% in the first quarter of 2024, whereas those in the global market rose 1%, according to the latest research by Marsh.
Biba Conference 2024 countdown: Arc Legal’s Martin Johnson
As the Biba Conference gets ever closer, Martin Johnson, head of partnerships at Arc Legal, outlines why Manchester trumps London as a location for the event and his fond memories of Bez shaking his maracas.
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace