Broker conflicts are not properly managed, says FCA
Regulator looked into seven of the largest firms serving small business customers.
The Financial Conduct Authority (FCA) has found that inherent conflicts within insurance intermediaries are not being properly managed.
The regulator conducted a review into seven of the largest intermediaries who serve small business clients and concluded that control frameworks and management information in some firms have not developed at the same pace as business models.
Conflict
The review was announced at Insurance Age's 3Rs event in July of last year.
It found that there was increased risk
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