Brokers predict “casualties” after FCA add-on findings
Loss of add-on revenue could lead to bigger brokers snapping up struggling firms
The Financial Conduct Authority (FCA) has released the findings of its investigation into the general insurance add-on markets, and recommended a raft of changes to the system.
The regulator said there was a “clear case” for intervention – Christopher Woolard, director of policy, risk and research at the FCA, commented: “Competition in this market is not working well and many consumers are simply not getting value for money.”
Dickon Tysoe, director at claims handling firm Bankstone, agreed with
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 print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
Blog: Does size matter when it comes to complaining about the regulator?
With the Consumer Duty kicking in under a year ago, regulation continues to be at the forefront of everyone’s minds, with the cost of compliance comparably hitting smaller firms the most, argues Rosie Simms.
Biba Conference 2024 countdown: Flood Re’s Kelly Ostler-Coyle
For today’s Biba Conference countdown Kelly Ostler-Coyle, head of communications at Flood Re, remembers the puppies in the wellbeing zone and teases the grand unveiling of its new interactive property flood resilience model.
Hedron CEO Haggart eyes-up offering branded products
Chris Haggart, CEO of Hedron, intends to offer branded products drawing on the strength of the partnership with Broker Insights it entered into last year.
FCA’s Brewis warns MPs premium finance action could have ‘waterbed effect’ for consumers
The Financial Conduct Authority’s insurance director Matt Brewis has raised the concern that taking action on premium finance would have little or no impact on the price of motor cover.
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
17% of brokers report unprofitable quarter to FCA financial resilience survey
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.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
FCA warns insurers, again, on undervaluing total loss motor claims
The Financial Conduct Authority has confirmed finding evidence that suggests motor insurers are offering customers less than the full value of written-off or stolen vehicles and, in some cases, only increasing offers when a customer complains.
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Pen inks £150m social housing capacity deal with SiriusPoint