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UK: FCA finds no competition problems in Wholesale Insurance

By  |  February 20, 2019

The UK Financial Conduct Authority (FCA) announced Wednesday, February 20, it has finished its report on competition in the wholesale insurance broker sector and “found no evidence of significant levels of harm.” As a result of its market study, the regulator stated it will not introduce intrusive remedies in the sector, which includes members of the Lloyd’s of London market.

FCA Executive Director of Strategy & Competition Christopher Woolard said, “This was a significant and in-depth analysis of a sizeable and complex market to determine whether clients were at risk of harm. Encouragingly, we found no evidence that they were, but we found some areas with scope for improvement and we will work with the industry to ensure these are addressed.”

The FCA stated it will work with firms to address these concerns, as opposed to installing new regulations.

Full Content: Financial Times

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