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Insurance broker became A regulated term under the Insurance Brokers (Registration) Act 1977[2] It is designed to thwart the bogus Practices of firms holding themselves as brokers but in fact acting as representative of one or more favoured insurance companies. Any person or firm authorised. The term now has no legal definition following the repeal of the 1977 Act. The sale of general insurance was regulated by the Financial Services Authority from 14 January 2005 until 31 March 2013 and by the Financial Conduct Authority since 1 April 2013.
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