The rocky road to regulation

It is now two years since the statutory regulation of brokers by the Financial Services Authority (FSA) came into being, so this marks a suitable milestone to review the overall impact on the sector.

The road to regulation started in 2001, when economic secretary to the Treasury Melanie Johnson announced the scrapping of the Insurance Brokers Regulatory Council (IBRC), saying: "The new regulatory arrangements represent a major step forward for the general insurance-broking industry. Brokers

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