The FSA has reported a positive outcome to its recent investigation into the level of unauthorised general insurance business being conducted, following the start of general insurance regulation in January 2005.
The FSA visited more than 1,700 firms around the country that were potentially conducting insurance mediation activities illegally. This included visits to both potential primary and secondary intermediaries.
The FSA said it found that only two primary intermediaries and 14 secondary intermediaries were wilfully acting illegally.
It added that where breaches were inadvertent or resulted from genuine misunderstanding, the FSA worked with the firms to ensure they ceased carrying out the business, became authorised or restructured their business so that they did not need to be authorised.
In the other cases, the FSA took steps to stop firms conducting any further insurance business.
Clive Briault, FSA managing director for retail markets, said: "We have been impressed with the level of understanding of the new rules in both the primary and
secondary insurance markets, with most firms aware of the need to be authorised if they undertake regulated activities."
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.
