Binders could be next in FCA commissions crackdown - compliance experts
The Financial Conduct Authority crackdown on property commissions could be the ‘tip of a very large iceberg’, with binding authority arrangements next in line for a change, according to regulatory experts.
Specialists at regulatory compliance firm ICSR have carefully scrutinised the FCA’s consultation paper on leaseholder reforms.
The FCA found widespread market failure by insurance firms, and now the watchdog is likely to look deeper into brokers’ commission arrangements, believes compliance director Natalie Dick of ICSR.
In particular, the FCA will be interested in distributors who receive increases in commission when premiums rise, despite not doing any more work.
Significant concernIn a
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