The Research Department (TRD) said tighter general insurance industry regulation would promote greater fairness to consumers and streamline the way brokers do business.
Financial products research company The Research Department (TRD) said the Treasury's move to tighten regulation of the mortgage and general insurance industries would promote greater fairness to consumers and streamline the way brokers do business.
TRD said the new measures, which give the Financial Services Authority (FSA) additional powers to regulate insurance brokers, would help to lift the standard of advice given by intermediaries.
It added that brokers would now have a more streamlined way to select the best products for clients.
Meanwhile, Halifax General Insurance has also welcomed the announcement.
It said: "The vision of one regulator overseeing financial services will bring benefits to customers, brokers and providers alike."
