Regulation preventing brokers from growing their businesses
A survey of Insurance Age readers has found that nearly 95% of brokers in the country find it more difficult to do their day to day job as a direct result of regulation.
The survey asked brokers to consider the time pressures that being compliant brings to their business life. Nearly one third (31%) estimated that they spent between three and eight hours a week on regulatory tasks while a further 39% spent between one and three hours on such tasks.
When asked how much of this regulatory work was directly relevant to the development of their business, nearly 70% indicated that 0-20% of the regulatory work was relevant.
But it was the statistic that the
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