FOI request pulls back the curtain on FCA’s broker S166s

Ratings news

A Freedom of Information request by Insurance Age to the Financial Conduct Authority has revealed further details on the spike in insurance skilled persons reports.

Since the start of the 2022/23 financial year the FCA has opened nine S166 investigations into brokers.

The total was reported in October at which time the watchdog only gave the detail that these were across the general insurance and protection sector.

In response to the FOI, the authority confirmed that all the investigations were slapped on firms with permission to trade as a general insurance broker, namely a company selling non-investment insurance contracts.

Status

The FOI also revealed that

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