Three quarters of UK insurance brokers are aiming to become directly regulated by the FSA, according to new research.

The study of over 500 brokers also found that 8% of brokers are intending to join a broker network while a further 1% would exit the market entirely.

Around half of brokers said that the changes to their business status were imminent.

The results come from the latest Broker Evaluation Service Tracker, a national research programme commissioned on behalf of a syndicate of the UK's leading insurance companies by the General Insurance Market Research Association.