With the regulator turning its attention to brokers once again, it must be sure that is doesn’t just target the big boys
The FSA is once again banging loud and hard at the door of insurance brokers. Intermediaries will be reviewing the incentive schemes for staff sales following the regulator’s latest warning this week.
From client money handling to the sale of add-on products, the FSA is right at the forefront of brokers’ minds. What’s intriguing is that the regulator seems to have a real love of targeting the big boys, but not the smaller firms.
Most insurance brokers are solid professionals who do an outstanding job in serving their clients. But there are a few who have been guilty of fraud - and Insurance Times has been quick to name and shame them.
What’s been curious about some of these cases is that the whistleblowers have contacted the FSA, and the regulator has failed to act with speed. The bottom line is that it needs to make sure it is treating all insurance brokers with an even hand, and not just focusing on the big names.
Hyperion: the story of our times
How did a small Lloyd’s broker transform itself into a big London market success story in the space of 18 years? Emerging markets. The story of Hyperion is really the story of our times. Other UK brokers and underwriting agencies must look on at Hyperion with envy. But anything’s possible. Potentially lucrative business is there for brokers that can expand their foreign revenues via the London market. If you can’t beat them, join them.
The most powerful voice in UK GI
For the second year running, insurancetimes.co.uk, the only externally audited insurance trade website, has clocked up more than 60,000 monthly unique users. Backed by a market-leading magazine distributed to broker and insurer offices up and down the country, Insurance Times is indisputably the most powerful voice in UK GI. We have plenty in store for 2013, so watch out for even more unique insight and analysis online, exclusively for subscribers.