Watch­dog to probe £68bn broking sec­tor

Yorkshire Post - Business - - FRONT PAGE -

BRI­TAIN’S FI­NAN­CIAL watch­dog has launched an in­ves­ti­ga­tion into the £68bn whole­sale in­sur­ance broking mar­ket fol­low­ing “sig­nif­i­cant changes” in the sec­tor.

The Fi­nan­cial Con­duct Au­thor­ity (FCA) said its mar­ket study is aimed at en­sur­ing that the sec­tor is func­tion­ing cor­rectly and that com­pe­ti­tion works in the in­ter­ests of its di­verse range of clients.

The Lon­don in­sur­ance mar­ket is one of the world lead­ers for large-scale, com­plex com­mer­cial and spe­cial­ist risks, the FCA said, con­trol­ling more than £68bn in gross writ­ten pre­mium.

It pointed to sig­nif­i­cant changes in the whole­sale in­sur­ance sec­tor which have seen bro­kers de­vel­op­ing new ser­vices and busi­ness prac­tices The FCA aims to pub­lish an in­terim re­port next year.

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