BIBA applauds decisive report by the FCA following its Wholesale Insurance Brokers Market Study

20th February 2019

The British Insurance Brokers’ Association (BIBA) today welcomed the move by the Financial Conduct Authority (FCA) to issue a final report on the wholesale insurance broker market.

Steve White BIBA Chief Executive said: “The fact that the FCA closed this assessment at an unprecedented early stage is a welcome step and validates our view that the wholesale insurance market is a highly competitive place. It is also welcome that the FCA intends to deal with any follow up matters on a business as usual supervisory-led basis.

“There are many positives in the report and our members will be pleased to see that the regulator recognises that the sector meets client demands successfully. We have regularly asserted that this sector provides customers with broad cover, competitive premiums quality paper and a full range of services that clients appreciate. The positive nature of this report reinforces this.”

Moving forward BIBA will work closely and constructively with the FCA and our members on any matters arising.

ENDS

Read the report here