Wholesale insurance brokers could be subject to scrutiny by regulator

Nick Bradley, head of insurance at U.K.-based law firm Pinsent Masons, said that large insurance brokers dealing in wholesale insurance in the United Kingdom can expect to be "under serious scrutiny" from regulator Financial Conduct Authority in 2018, Out-Law.com reported. "The regulator is concerned that large brokers may be exerting market power to oblige insurers to sign up for facilities,” he said. FCA said that larger brokers could potentially be using their market power to compel insurers to sign up to and pay for additional services, such as data or analytics facilities.

Read more.