20 February 2019
LMA welcomes FCA’s market study findings
The LMA welcomes the findings of the FCA’s review into the wholesale insurance broker market and the fact that it is final, therefore minimising any ongoing regulatory burden on insurers.
Sheila Cameron, LMA CEO said: “We are actively pursuing technological advancements such as PPL which should increase market efficiency and allow us to continue to provide complex and comprehensive insurance solutions, together with world-leading claims handling, at the most competitive rates for our policyholders.
“We are supportive of the FCA’s proposal to address specific instances of conflicts of interests, or anti-competitive contractual agreements or practices. As we stated in our response to the FCA’s terms of reference for the study, we support full disclosure of remuneration by brokers to their clients and we will work with the FCA to ensure that the Lloyd’s market remains the world’s leading specialist insurance hub with sustainable broker/insurer dynamics.”
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Notes to Editors
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 020 7327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £31billion per annum.