Analysis

Brokers reducing panel sizes as an ‘unintended consequence’ of regulatory burden

By 2025-06-09T07:00:00

broker panels

’The FCA like healthy competition because it works in the interests of consumers, but if regulation is driving the opposite, then it’s time to look at it,’ says regulation director

Since the implementation of Consumer Duty in July 2023 – and before, with General Insurance Pricing Practices in 2022 and updated product governance rules in 2021 – insurers and brokers have noted their concern at the growing operational burden that compliance requirements placed upon them. 

Complying with regulations is not a problem in and of itself, and most would agree on the necessity of rules, but when they become onerous or are inefficiently implemented then unintended consequences can occur.

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