Insurance brokers in Britain have welcomed the findings of the Davidson Review into local implementation of laws enabling Britain’s participation in the European Union.

The Institute of Insurance Brokers (IIB) says recommendations to reduce the regulatory burden on insurance mediation are a step in the right direction. The inquiry by prominent QC Lord Davidson handed down its final paper on November 28.

It urged the Financial Services Authority to simplify rules on product disclosure, reduce and simplify the client money rules, and remove the requirement for insurers to check the authority of each intermediary in their supply chain.

In addition, Lord Davidson called on the Treasury to consult further on reducing regulation throughout the insurance sector.

IIB director Kedric Rhodes, who took part in the Davidson Review, says its conclusions are welcome and he hopes the appropriate bodies will work quickly to implement them.