Brokers raise concerns about FCA’s regulatory and compliance burden
In roundtables hosted by Zurich and the APPG for Insurance and Financial Services, brokers flagged their concerns about the regulatory and compliance burden created by the Financial Conduct Authority and claimed it is affecting the financial resilience of the sector.
Insurance Age gained exclusive access to the report generated from the views of key stakeholders involved in the discussions in seven locations around the country.
Attendees strongly agreed that the interaction and communication between brokers and the FCA needs to improve.
Brokers stated that communication had reduced in quality in recent years and that the FCA had an insufficient understanding of the role of brokers in serving insurance customers.
It was also stressed that the FCA processes
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