IIB asks if regulator sees brokers as "soft touch"
The Institute of Insurance Brokers (IIB) has criticised the HM Treasury’s Consultation Paper for not putting forward any firm ideas on the future regulation of the insurance broking sector.
Rather than have a separate facility for the regulation of insurance brokers, the Government has proposed that they fall within remit of the Consumer Protection and Markets Authority (CPMA).
The IIB said it was very concerned that a body with such a wide remit will continue to labour with the real issues affecting the broking sector.
It added that there was an absolute need for the new regime to have representatives from every sector of the insurance market it claimed to represent, remembering
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