FCA issues guidance to brokers on insurer due diligence

Under the microscope

The Financial Conduct Authority (FCA) has reminded brokers that they must be able to demonstrate they have carefully considered the insurers they place their customers’ business with.

In a guidance notice dated 21 August it said: “Suitable due diligence is a key part of the process that we expect insurance brokers to perform on the insurance companies they use.

“Our main concern is the risk to customers in the event the insurer fails and are unable to pay claims.”

Failures
The document fell s

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: