The change in general insurance regulation will open up new business opportunities for intermediaries, The Research Department has said.
Group commercial director Mark Hayes-Newington said the new regulatory regime would allow brokers to compete in other European Union countries.
"These new measures will assist in lifting the standard of advice given by intermediaries across the board," he said.
"[They] will also result in a simpler, more streamlined way to select the best products for clients."
