Brokerbility boss wants more FCA engagement

Brokerbility chairman Ashwin Mistry has called on FCA chief executive Martin Wheatley to get the regulator to engage more with individual brokers.

Mistry’s call followed an announcement by Wheatley that the regulator will listen to brokers’ concerns before making decisions.

The Brokerbility chairman said: “If this is a general desire to engage, should he now start to map out the vision of where he wants to take the FCA?”

Mistry acknowledged that the FCA had shown promise by speaking to Biba and selected brokers, but said he expected more.

“What is he going to do to engage with some of the other brokers in the market?” he said. “How long do we wait for something to happen?”

Mistry added that he wanted more clarity from the FCA about how it defined a compliant insurance broker.

He said: “What does a good broker look like? Give me six things. I want to work towards good.”

The Brokerbility chairman also called for senior insurance figures to step up and fight for a fairer system of regulation.

He said: “Some of us that have had a good life out of insurance need to look back and put something in. If we don’t put something in, we have failed.”