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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
