What insurance brokers do

Insurance brokers arrange general insurance contracts, from home, motor and travel cover to commercial combined, professional indemnity and fleet policies, between policyholders and insurers. Insurance distribution is a regulated activity: UK intermediaries must be FCA-authorised and are subject to the Insurance: Conduct of Business sourcebook (ICOBS), which governs how products are sold, what must be disclosed, and how claims and complaints are handled. Brokers differ from comparison websites in that a broker owes you a duty to assess your demands and needs and can access markets, including specialist and non-standard risks, that do not appear on aggregators. Commercial insurance in particular is broker-led because risks need individual presentation to underwriters.

Regulation, and how to verify a firm

Confirm any broker on the FCA register at register.fca.org.uk: the entry shows the firm reference number, whether the firm can hold client money, and any appointed representative relationships. Client money handling matters: premiums you pay a broker should be protected either under FCA client money rules (CASS 5) or by risk transfer to the insurer. Complaints about authorised brokers go to the Financial Ombudsman Service, and the Financial Services Compensation Scheme protects eligible claims if an authorised firm fails, at 90 percent for most general insurance and 100 percent for compulsory cover such as third-party motor.

Fees and commission

Brokers are remunerated by commission from the insurer, a fee charged to you, or both. ICOBS requires a broker to tell you the nature of its remuneration and, for commercial customers on request, the amount of commission. Fees for arranging, adjusting or cancelling policies must be disclosed before they are incurred. On renewal, ask whether the market was re-tested or the incumbent insurer simply re-offered: renewal remarketing discipline is where broker value shows.

Questions to ask before instructing a firm

What is your firm reference number? How are you paid on this policy, and what commission does the insurer pay you? Do you hold client money under CASS 5 or does risk transfer apply? Which insurers did you approach for this risk? What are your fees for mid-term adjustments and cancellation?

How this index is compiled

Every firm in this index is drawn from public records and verified against the Companies House register for incorporation, registered office and active status. Where a sector is FCA-regulated, firms are cross-referenced against the Financial Services Register; where it is not, the listing states what verification is available instead. Each firm has a single dedicated page showing its registered details, and firms can claim their listing to correct or extend the public record. The index is refreshed as Companies House filings change, and firms that dissolve or cease trading are removed. Inclusion is free and automatic from public data: no firm can pay to enter, leave or reorder the editorial index, and paid tiers change presentation on a firm’s own page only. Errors can be reported through the contact page and are corrected against the primary record.

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