FOI: Almost 19,000 hours logged by FCA in premium finance review
The Financial Conduct Authority logged 18,864 man hours during its review into premium finance for motor and home insurance, with brokers making up 32 of the sample firms, a Freedom of Information request from Insurance Age has revealed.
As well as finding out that nearly two billion datapoints were used in the investigation, the FOI reported 22 staff worked on the review and 21 meetings were held.
In July the FCA confirmed it is not going down the route of banning broker commission in premium finance and will not be forcing a 0% annual percentage rate or introducing a single level market-wide cap.
The watchdog launched the review into premium finance for motor and home insurance last October, saying it had been concerned about it
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