‘Reporting gap’ warning as less than 1% of intermediaries reported conduct breaches under first year of SMCR rules
Last year just 15 insurance brokers or intermediaries reported conduct rule breaches under the Senior Managers & Certification Regime, a freedom of information request has revealed.
Under the reporting requirements, more than 6000 solo-regulated insurance intermediaries must tell the Financial Conduct Authority of any conduct breaches. From 31 March 2021 the scope of SMCR
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