Brokers Unaware Of Senior Managers Regime, Study Says
Law360, London (October 24, 2019, 12:01 PM BST) -- Nearly half of U.K. insurance brokers are not aware of an impending Financial Conduct Authority regulation designed to encourage executive accountability, according to research published Thursday.
The Senior Managers and Certification Regime will become binding on brokers from Dec. 9, a year after it was introduced for U.K. insurers.
Insurer Ecclesiastical surveyed 250 brokers and found that just 56% were aware of the regulation. Some 64% of provincial brokers, often staffed by less than a dozen employees, were aware of the changes, compared with 27 percent of staff at national brokerages.
Hardly any brokers, just 4%, said they knew everything they...
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