Insurance brokers have always acted in the best interests of their customers

Earlier this month the Financial Conduct Authority (FCA) said it had identified “significant potential for harm to customers arising from the product development and distribution approaches currently employed in some sectors of the GI market and by some GI firms.” For the British Insurance Brokers’ Association (BIBA), the guilty ones – or this portion of the industry referred to by the FCA – aren’t from its ranks. In a belated response to the general insurance (GI) distribution chains report released by the regulator, BIBA pointed to where it believes the troubles are coming from, adding that industry-wide “there does not seem to be a problem.” In a statement sent to Insurance Business, BIBA commented: “Looking at the examples in the FCA paper, the issues seem to be arising from the secondary sellers; the report provides examples including car showrooms, mobile phone sellers, and tour operators.