A statement from the GISC has formalised concerns the practice of brokers obtaining kickbacks from insurers for placing business has been ongoing in the UK market.
The statement is reported in The Daily Telegraph, which writes it comes at a time when the GISC is preparing to hand over regulatory duties to the FSA by January. "Chris Woodburn, GISC chief executive, said: 'We have had people coming to us to say they are unhappy. Concern has been expressed but nobody has been prepared to put their name to a specific complaint,'" the Telegraph reports. "'I'm not really in favour of regulatory fishing expeditions. We are keeping a watching brief but obviously if we do receive a complaint, then we will act.'" The FSA says it is “monitoring” the situ...
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