He inspired insurers to look at their compliance methods and make sure that brokers are promoting insurance coverage merchandise that meet their shoppers’ wants.
FSRA discovered sure practices amongst brokers that don’t align with client pursuits, together with:
- Offering false or deceptive data to insurers and customers
- Partaking in coercion
- Performing as a entrance for unlicensed people
- Failing to supply written disclosure of conflicts of curiosity
- Neglecting to comply with greatest enterprise practices
The regulator took a number of steps to handle these points. It issued enterprise follow letters in 57 circumstances, escalated 55 circumstances for additional investigation, and closed 15 circumstances the place no issues have been recognized.
FSRA careworn that insurers are answerable for the conduct of their brokers, together with these contracted by distribution companions.
The regulator expects all trade contributors to prioritise the perfect pursuits of customers.