Is the FCA better the devil you know over self-regulation?
A self-regulated insurance industry could lead to a lack of consumer trust, brokers have told Insurance Age, as they called for a reduction in compliance costs and improving the efficiency of the Financial Conduct Authority instead.
Last week Arron Banks revealed to Insurance Age that Reform UK is considering scrapping the FCA, allowing brokers to self-regulate, if it forms the next government.
Self-regulation for brokers ended in 2005 with the switch from the General Insurance Standards Council to the Financial Services Authority which in turn was succeeded by the Financial Conduct Authority in 2013.
ReactionMany people would be glad to see the back of the FCA because they see it as overreaching and putting out too many
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