Smaller brokers should prepare for impact of FCA conflicts review
Compliance expert warns that whole market will be affected by review findings.
Smaller firms should be aware that the effects of the Financial Conduct Authority (FCA) review into broker conflicts of interest will “filter down” to them.
The regulator found that inherent conflicts within insurance intermediaries are not being properly managed.
Ann Peel, technical consultant at Insurance Compliance Services, said that while the review concentrated on the actions of seven of the larger intermediaries in the UK market, the findings were a “kick in the pants” for all firms.
“The
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