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HMRC internal manual

VAT Insurance

Services of an insurance intermediary: UK regulation of insurance brokers and agents

Historically, regimes have existed in the UK for the regulation of intermediaries arranging long term insurance but there has been very little regulation of those involved in the general insurance market.

The Financial Services and Markets Act (FSMA) gave statutory powers to the Financial Conduct Authority (FCA) with the intention of merging the functions of second-tier regulators under one over-arching regulator.

To comply with the requirements of the EC Insurance Mediation Directive (see VATINS5110) a regulatory regime for general insurance intermediaries was put in place in the UK with effect from January 2005.