Biba 2014: FCA to publish broker conflict probe findings in two weeks

The FCA will publish the findings of its thematic review on broker conflicts of interest in two weeks, according to the regulator’s head of general insurance and protection Simon Green.

The FCA launched its review in July 2013 in response to the growing complexity of broker business models.

Speaking at a regulation panel debate at the Biba 2014 conference in Manchester this morning, Green said: “We have seen in the industry the business models have changed significantly over the years with the introduction of MGAs and thirds-party administrators. There is complexity across the chain.

“Where the business models are more complex there are more inherent conflicts of interest, and quite often the controls and identification have not progressed as quickly.

“Our findings will focus on reflecting back to the industry what we have observed on what the challenges and issues are.”

The FCA will hold seminars with interested parties when the findings are released.