17% of brokers report unprofitable quarter to FCA financial resilience survey

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An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.

Only buy-side and sell-side businesses outperformed the insurance market in the three months to 29 September 2023.

However, according to the watchdog, 17.29% of insurance brokers and intermediaries reported being unprofitable during the period. This was still better than the full financial services landscape, where 19.4% of respondents said they had experienced a loss-making quarter.

The regulator flagged that it was important to note the assessment only covered a short timeframe and seasonal

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