‘Ridiculous’ – FCA fair value broker paperwork hours revealed


Calculations by the British Insurance Brokers' Association have shown brokers are working thousands of hours to complete fair value assessments.

Biba calculates that a small broker with 30 agencies will have to ask 10,800 questions and slog through an incredible 1,080 hours of work (see table below).

A larger broker with 2,700 products faces 5,400 hours of work to get through the FCA paperwork.

Small brokers selling up 

The workload has been labelled ‘ridiculous’ by Prizm Solutions managing director Peter Robinson.

Robinson said he was an advocate of the FCA, but the fair value assessments had left staff ‘pulling their hair out’.


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 info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk 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: