The UK Financial Conduct Authority (FCA) has published the final report of its wholesale insurance brokers market study, which was launched in November 2017 to assess how competition was working in the sector.
Overall, the FCA has not found evidence of significant levels of harm that merit the introduction of intrusive remedies. This report is, therefore, not an interim report but a final report.
The London insurance market is one of the largest global centres for placing and underwriting large-scale, complex commercial and specialty risk. In 2017, it controlled approximately £60bn in gross written premium and serves as a hub for large commercial and specialty risk underwriters, attracting clients from the UK and all over the world.
The FCA will work with firms to address the concerns found in the report and will continue to monitor the market as part of its normal supervision function, to assess developments arising from the impact of EU withdrawal, possible further consolidation in the industry and as a consequence of any changes in business models.
To read the full report, visit: bit.ly/2BgZZT8