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3 years ago
BRIEF-FCA says review finds conflict of interest in insurance intermediaries
May 27, 2014 / 8:52 AM / 3 years ago

BRIEF-FCA says review finds conflict of interest in insurance intermediaries

May 27 (Reuters) - Fca

* Fca calls on insurance intermediaries to better manage conflicts of interest when dealing with small business clients

* Inherent conflicts within insurance intermediaries are not being properly managed, a review by financial conduct authority (fca) has found

* Fca is concerned that if conflicts are not properly managed there is risk that decisions are made in interest of firms rather than their small business customers

* After looking at seven of largest intermediaries who serve small business clients, fca has concluded that in some firms, control frameworks and management information have not developed at same pace as business models.

* Regulator will be working closely with industry to communicate results of review and, with firms involved, will use appropriate regulatory tools to address specific issues.

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