The fourth Mazars' Insurance Broker Survey, published today in association with BIBA, has revealed growing unrest over FSA regulation.
Insurance brokers told the annual survey that the regulation is seen as excessively costly and fails to add value for clients.
81% of respondents felt that regulation has had no impact on client confidence in the industry, with 53% believing that regulation is actually having a negative impact – a decisive shift from 2005, when this figure was only 25%.
Mark Grice, head of Mazars' broking group said: “A year on, brokers are starting to feel the real impact of regulation and it is far from positive - more than 4 out of 5 say that regulation has had no impact on client confidence, whereas 1 in 5 say that it has more than a 10% impact in profits. The industry will be questioning whether the costs outweigh the benefits.”
The findings from Mazars, the international accountancy and advisory firm, also revealed a continued focus on consolidation and concerns over future profitability in a softening market.
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