A third of brokers have no controls in place to ensure placement service agreements do not breach forthcoming FSA regulations, according to research by Biba.
The survey found that 50% of brokers had profit share or volume overrider arrangements with an average of three insurers.
Of those with such deals, two thirds had arrangements in place to ensure that they did not cause a conflict of interest with the customer.
But it also revealed that a third did not have any systems to avoid a conflict, although the brokers claimed to be making such arrangements.
Biba regulation and compliance manager Steve White said the figures were "encouraging".
"They endorse the feeling that the practices in the US are not reflected in the UK".
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
