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U.K.: Insurance brokers accuse regulator of backtracking on promise

December 30, 2013 - 6:00am

Insurance brokers in the United Kingdom are accusing the Financial Conduct Authority of backtracking on its word to introduce "proportionate" red-tape for them, The Independent reported.

Brokers claim that instead of getting assistance to ease their burden, they are being subjected to a series of probes into their industry.

A national broker association said the reviews are "causing an obstruction to serving customers," and this "certainly doesn't feel proportionate, particularly given the low risks of the broking industry."

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