Two-thirds of schemes brokers not satisfied with compliance support from insurers

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Only 34% of schemes brokers are satisfied with the support they receive from their insurers in dealing with compliance matters, according to research from Ecclesiastical.

The FCA introduced product governance rules in October 2021 which mean brokers and insurers must make sure products provide fair value for customers and that they can demonstrate this is the case.

Insurance Age can reveal that just over half (52%) of the brokers surveyed said they believed the new rules would benefit customers, but only 47% said it would lead to development of better products.

The FCA wrote a letter on 25 May to show its concerns on consumer harms. One key risk flagged by the

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Top 100 UK Insurance Brokers 2023: Analysis

What have been some of the most significant themes in the UK broker market over the past 12 months? John Needham and Will Lanyon from PKF Littlejohn, explore the impact of some of the main macroeconomic developments on industry trends such as M&A activity and market concentration.

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