Transparency over remuneration and trust between wholesale and retail brokers are vital for the market to thrive. It has nearly been a year since the publication of the Financial Conduct
Authority’s (FCA) final report for its Wholesale Insurance Broker Market Study.
Three areas of concern were highlighted in the report:
1) Firms’ management of conflicts of interest.
2) The information firms disclose to clients.
3) Contractual agreements between brokers and insurers, where there’s a risk of limiting competition.
This in-depth feature looks at whether the market has addressed the regulator’s concerns and whether wholesalers are giving retail brokers a fair deal.