Watchdog to probe £68bn broking sector
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.