Majority of brokers are acting within the law
Only a tiny fraction of brokers are deliberately trading illegally, it emerged as the results of the Financial Services Authority's (FSA) perimeter visits were announced.
Out of 1,700 suspected UK firms visited by the FSA, only two brokers were found to be 'wilfully acting illegally', while 14 secondary intermediaries were also guilty.
An FSA spokesman said the regulator had decided not to 'name and shame' the brokers, but instead stopped them conducting any more insurance business.
He explained:
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