’As ever, the problem and the solutions lie in effective communication,’ says head of M&A 

Smaller brokers with fewer employees are being expected to “take on responsibilities such as Consumer Duty and fair value” without the same level of support as bigger firms.

That was according to Howden’s head of mergers and acquisitions (M&A) Peter Blanc, who felt brokers were thinking “enough is enough” due to a “regulatory burden”.

It came after Blanc revealed during the Biba conference earlier this year (10-11 May 2023) that the “topic concerning brokers most of all is regulation”.

And during the Navigating the UK Broking Landscape webinar last month (24 May 2023), he said that when it came to regulation, brokers were “giving up on that front” due to being “expected to pick up” Consumer Duty and fair value as a smaller firm.

He said that this was “understandable” with the “sheer amount of change that’s happened in recent years and the forthcoming changes around Consumer Duty”.


The FCA’s Consumer Duty regulation, which comes into force on 31 July 2023, sets out a slew of updated regulations for insurance firms and other financial services firms that must be implemented.

Despite broker concerns, Blanc felt that regulators and brokers have the same values.

He said: “I strongly believe the regulator wants what every broker wants – customers to be treated fairly, the market to work properly and create insurance products that deliver what they promise.

“So why do we struggle with the regulatory burden?

“As ever, the problem and the solutions lie in effective communication.”

Blanc believes that the relationship between the FCA and brokers was “currently too remote”.

He continued: “We shouldn’t fear that the regulator is ‘out to get us’, but instead we should be creating more forums to help us demonstrate just what a great job we do at protecting customers”.