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

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Broking Success: Right opportunity

Matthew Collins, founder and managing director of Ascend Broking, targets growing from £14m to £50m gross written premiums in five years as the firm positions itself as a viable alternative to larger brokers.

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