‘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 upThe 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’.
He
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