UK broker rules criticised

The government is coming under increasing pressure to address the gold-plating elements of the Insurance Mediation Directive

The government should rethink its over-implementation of the EU Insurance Mediation Directive and consider moving the regime out from under the oversight of the Financial Services Authority, according to the results of a new report by the Federation of Small Business (FSB) and the Foreign Policy Centre (FPC).This is one of eight EU directives scrutinised for over-implementation by the FSB and one of five to have been confirmed as gold-plated. The report concludes that exceeding the EU minimum requirements has created a significant problem for UK small businesses, costing them precious time and money and affecting their competitive position.