Concern raised over low rate of conduct reporting for GI staff
GI businesses in the UK reported just 662 staff, including three senior managers, to the regulator for conduct breaches in 2021 according to a Freedom of Information request by Sicsic Advisory.
Nindy Mellett, Sicsic Advisory senior consultant, commented: “Given the size of the general insurance market, 662 reports seems on the low side. This raises questions around whether firms are training, identifying, and recording conduct rule breaches in line with regulatory requirements.
“The regime was introduced to improve standards, as such we would expect to see a higher number of breaches in the early years of implementation as firms respond to the higher standards.”
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