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Member, Beacon International Group, Ltd.
U.K. regulator the Financial Conduct Authority has launched an investigation into the local wholesale insurance brokers market to ensure that the sector is functioning correctly and competition is working in clients' interests, Insider.co.uk reported. "Given the size of the wholesale insurance sector and the type of large-scale risks it covers, the way it functions can have a wide-ranging impact on the broader economy," said Christopher Woolard, executive director of strategy and competition at the regulator. "If businesses cannot get appropriate cover or pay more for services than they should, it can impact on their ability to operate and grow," Mr. Woolard said.