Secret FCA warnings issued to brokers revealed
The regulator confirmed that 18 senior broking executives received private warnings between 2011 and 2017 compared to one insurer boss.
The Financial Conduct Authority (FCA) has admitted that 18 broker bosses were reprimanded via private warning between 2011 and 2017, Insurance Age can reveal.
A Freedom of Information (FOI) request showed that over the same time period only one insurer boss received a private warning.
According to the FCA website private warnings are “a more serious form of reprimand than would usually be made in the course of ongoing supervisory correspondence”.
They are generally used as an enforcement tool
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