Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic

Property_commission ban concept

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

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

If you already have an account, please sign in here.


Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Review of the Year 2023: Acrisure’s Mark McIlquham

In the first of our ‘Review’ series Mark McIlquham, president of Acrisure UK Retail, reflects on whether the 15-year cycle will see a large insurer buy a large broker, and how he’d recast the Barbie film with senior figures from its ‘network dream team’

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: