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LMA welcomes FCA’s wholesale broker market findings

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    • Regulation & Compliance

The LMA welcomes the findings of the FCA’s review into the wholesale insurance broker market and the fact that it is final, therefore minimising any ongoing regulatory burden on insurers...

Sheila Cameron, LMA CEO said: “We are actively pursuing technological advancements such as PPL which should increase market efficiency and allow us to continue to provide complex and comprehensive insurance solutions, together with world-leading claims handling, at the most competitive rates for our policyholders.

 

“We are supportive of the FCA’s proposal to address specific instances of conflicts of interests, or anti-competitive contractual agreements or practices.  As we stated in our response to the FCA’s terms of reference for the study, we support full disclosure of remuneration by brokers to their clients and we will work with the FCA to ensure that the Lloyd’s market remains the world’s leading specialist insurance hub with sustainable broker/insurer dynamics.”