FCA Warns Insurance Brokers Against Overpaying Middlemen

Law360, London (November 19, 2019, 3:47 PM GMT) -- The Financial Conduct Authority warned insurance brokers in guidelines published Tuesday to make sure they are not overpaying middlemen and forcing up prices for customers, amid concerns that there is little oversight of how those who sell policies are compensated.

The FCA published finalized guidance in the wake of its findings in April that consumers are being sold “low-value and inappropriate” insurance products because of questions about the salaries for a range of people doing the selling. The agency cautioned at the time that it would be willing to fine companies to fix the problem.

After a consultation period, the watchdog threw...

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