Senior broking figures have hit out at the Financial Services Authority (FSA) following its decision to reject calls for the imposition of compulsory risk transfer (CRT). This move would have effectively formalised voluntary agreements whereby insurers pick up the tab should a broker go out of business.
Chris Blackham, managing director of Layton Blackham said he felt passionately that the FSA had got it wrong adding that, "the only ones to benefit from this are the insurers themselves".
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