As UK general insurance brokers increasingly acquire IFAs, Chris Blackham offers a broker's view of the impact it is likely to have on the future of the advice market.
For years, general insurance (GI) brokers and IFAs were poles apart, due partly to their different regulatory regimes. However, since January 2005, GI has quickly been catching up, and now there is robust regulation on both sides under the watchful eye of the Financial Services Authority (FSA). Now that the regulatory 'Berlin Wall' has come down, brokers and IFAs have been freed from a major hurdle that prevented them from working together to provide a one-stop shop for clients. While the idea of providing private and business clients with a range of financial services, GI products and ad...
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