UPDATE 3-Wholesale insurers given all clear by British watchdog [Reuters (UK)]
Willis Towers Watson Public Limited Company - Ordinary Shares (WLTW)
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Source: Reuters
Wholesale insurers given all clear by British watchdog | Reuters 4 Min Read LONDON (Reuters) - Britain’s wholesale insurance brokers got a clean bill of health from the markets watchdog on Wednesday, providing some relief for an industry already spending millions of pounds on Brexit. London’s insurance market, which spans the Lloyd’s of London market and brokers such as Aon, Willis Towers Watson, JLT and Marsh, controlled 60 billion pounds ($78 billion) in gross written premiums in 2017. The Financial Conduct Authority announced a review in November 2017, saying there were concerns about how large players place business to earn larger fees. But on Wednesday the FCA said in a statement it had “not found evidence of significant levels of harm that merit the introduction of intrusive remedies” and ended its review. However, the watchdog said it identified areas for improvement, including how brokers manage conflicts of interest, the information they disclose to customers, and contractual
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