Brokers may be failing to report misconduct
Sicsic Advisory says that only 1% of brokers reported conduct rule breaches in the last year and warns they may not have robust processes in place to capture and report issues.
Only 15 conduct rule breaches were reported by insurance brokers or intermediaries last year, according to new information released by the Financial Conduct Authority in response to a freedom of information (FOI) request by Sicsic Advisory.
Over 6,000 solo-regulated insurance intermediaries must inform the FCA each year of any conduct breaches by certified staff under specific reporting requirements.
Disclosure
Sicsic Advisory said the FOI disclosure revealed that only ten firms reported
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